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MERCHANTS’ MAGAZINE
AND
COMMERCIAL REVIEW.
APRIL,
Art. I. — I M P R O V E D
1856.
CONDITION
OF L A B O R .
The effect of the progress of society, upon the condition of labor, pres
ents the most interesting questions which can challenge the attention of
reflecting men. These questions have given rise to the widest diversities
of opinion. The facts upon which their true solution depends are fre
quently obscure, and the principles applicable to the facts seem susceptible
of endless debate.
Upon a general cursory survey o f society in an advanced state, certain
conspicuous facts arrest our attention. Side by side with abounding opu
lence, with extreme luxury, with high cultivation and fastidious refine
ment, we behold stolid ignorance, the lowest brutality, shivering poverty,
and absolute starvation. Either in fact, or in appearance by the effect of
contrast, this misery of one class seems to be in proportion to the happi
ness enjoyed by another; and the doubt arises in many minds, whether,
after all, civilization has not proved a curse to the masses o f mankind.
In comparison with the squalor and servility of European cities, the
imagination finds something attractive in the rude but free life o f the
savage.
What terrible, and, alas, what true pictures have been drawn o f the
condition of large classes of laborers in Great Britain, o f which country
our information is most precise and detailed, from identity of language
and frequency of communication! Women and children o f tender age
subjected to the severest and most constant toils; men harnessed upon all
fours, like beasts, in the subterranean passages of mines; whole classes
stunted in growth, and perishing before the meridian o f life is reached ;
industrious, skillful, and temperate artisans only able in prosperous times
to obtain a scanty subsistence, and plunged into an abyss of misery by
404
Improved Condition o f Labor.
every recurring revulsion in trade;— all these are sad and living realities,
distressing to the sensibilities, and even tempting us, at times, to arraign
the justice of Providence.
Not only is this actually the condition of labor in old and densely pop
ulated countries, but the gloom o f the picture is deepened into despair by
the doctrine, long the established one of the schools, that it is the neces
sary and inevitable condition o f labor, depending upon immutable laws,
and certain to be reached everywhere after a longer or shorter interval of
time. Those terrible words, “ hope enters not here,” upon the gates of
Dante’s Inferno, make the fitting inscription of the edifice o f political
economy founded by Malthus, and reared by Ricardo, Mills, M‘Culloeh,
and Chambers. If what they teach he true, charity is a vain and idle
contest with a destiny which condemns the mass o f mankind to want and
wretchedness, and even to sympathize with suffering, wears the aspect of
murmuring against the decrees o f God.
According to the theory of Dr. Malthus, if wre look at the three great
agencies in production, land, labor, and capital, and reflect that the pro
portion in which each must share in the division o f what is produced
must depend upon its relative scarcity or abundance, we arrive at the con
clusion that there is a fixed tendency to rise in the rent of land, and a
fixed tendency to fall in the wages of labor. The land in any particular
country is a fixed quantity, not susceptible of increase or diminution. The
number of laborers has a constant capacity and tendency to increase, and
the ratio of this increase is geometrical and not arithmetical; that is to
say, if population doubles in twenty-five years, it quadruples in fifty years.
W hile labor is thus placed at a constantly increasing disadvantage, as
compared with land, it is insisted, that its disadvantage, as compared
with capital, must also constantly increase, although less rapidly. Capital,
to be sure, is not a fixed quantity, like land; under ordinary circum
stances, it is an augmenting quantity. The augmentation of capital,
however, it is insisted, must be slower than that of the number of la
borers.
This theory of Dr. Malthus seems to be confirmed in its general results
by familiar facts. Thus we know that in England, where the population
is exceedingly dense, and the accumulation of capital enormous, land-rent
is high, while wages and the rate of interest for capital are both low. In
her colonies, and in our own country, on the other hand, with abund
ance of land, rent is low, while wages and the rate of interest are both
high.
That the rent, and consequently the value o f land, must steadily in
crease with augmenting population and capital, cannot be denied. It is
by no means certain, however, that this rise in rents is at the expense of
labor— even partially, much less wholly. I f it be true, as it certainly is,
that a day’s labor will command as much wheat in Great Britain as it
ever did, it cannot be at the expense o f labor that British rents have
risen. The rise in British rents may be attributed, with much better rea
son, to improved modes of agriculture, better markets, the increase of
capital employed in agriculture, and the cheapening of the cost of trans
porting the products o f agriculture—just as in this country, lands in the
State of Ohio have risen, not because the wages of labor have been re
duced, but because the Erie Canal has been opened, railroads have been
built, reapers have been invented, and better plows and harrows have been
made, than in former times.
Improved Condition o f Labor.
405
The second essential proposition o f the Malthusian theory, viz.: that
the number of laborers necessarily increases faster than capital, rests upon
a basis far short in strength o f the positiveness with which the proposition
is announced.
It is said, in the first place, that while the ratio o f the multiplication of
the human species is a steady one, that the ratio of the multiplication of
capital is a diminishing on e; that the rate of profits and the rate of inter
est constantly fall; that in agriculture, those lands are first taken which
yield the largest returns in proportion to the investment of capital, and the
iands inferior by successive gradations, until at length those soils are
reached which pay no profit.
It is said, in the second place, that while the increase o f the human
species is constant, the increase o f capital is subject to frequently recurring
checks, such as bad harvests, war, conflagrations, and other public calam
ities.
These reasonings, although doubtless deserving of attention, fall far
short of determining, a priori, that capital must increase more slowly than
the number o f laborers. If that is determined at all, it must be as a mat
ter of fact, by observation and experience.
It may be true at one time
and not at another; in one country and not in another. If numbers in
crease at the rate of three per cent per annum, it cannot be demonstrated
scientifically that capital may not increase at double that rate. The cir
cumstances which determine its increase are variable. They are certainly
more favorable when, as improvement advances, production is aided more
and more by machinery, and new applications of the powers of nature.
The inventions in spinning and weaving in 1767 and subsequently, are
computed to multiply the effectiveness of labor fifteenfold, in the manu
facture of silk, linen, cotton, and woolen fabrics; in all departments of
mechanical industry, the effectiveness of labor has been immensely in
creased ; and, indeed, few processes are so rude as not to have received
facilitation from improved tools and instruments. The rate at which cap
ital may be annually augmented, must have been increased by these im
provements, and may be still further increased by further improvements.
Upon the whole, the truth would seem to be, not that capital of necessity
increases more slowly than the number of laborers, but that while there
are natural limits to the rate o f increase of the human species, there
are no such limits that we know o f to the possible rate of increase of
capital.
Statistics upon such subjects are exceedingly open to mistakes, but esti
mates which seem to be as reliable as any, (Seaman’s Progress of Nations,
page 438,) make the personal property of England and Wales eighty
millions of pounds sterling in 1770, and six hundred and eighteen millions
of pounds sterling in 1843— an augmentation nearly eightfold; while
population in the same time only a little more than doubled. In this
country the increase o f personal property is doubtless greater; and in
both countries it may be assumed that there has been a corresponding in
crease in that sort o f capital, which becomes so far fixed as to take the
denomination of “ land,” in the wide sense in which that term is used by
political economists.
It is to be observed that the theory of Dr. Malthus assumes that the
capital and population of a country remain always within its limits ; and
the theory fails to be applicable just so far as laborers emigrate or capital
406
Improved Condition o f Labor.
finds employment abroad.
This migration of men and this transfer of
capital, have occurred in point of fact at all ages of the w orld: they are
now occurring upon a grander scale than ever before; and they will con
tinue to be possible until that period, indefinitely remote, when the inhab
itable regions of the globe shall be fully occupied.
The most extraordinary fall in the profits of capital, as evidenced in the
fall of the rate of interest, has happened in Holland, where interest at one
period did not exceed the rate of one per cent per annum. There was in
this case a vast accumulation of wealth, with a very narrow limitation of
the field within which it could be used. The home territory of the Dutch
was small; their colonial possessions, although large, were only opened
to certain companies; and at the period referred to, considerable oppor
tunities for the foreign investment of capital did not exist. No such fall
in the profits of capital has ever occurred in England. British capital—
vastly exceeding that of Holland, but reaching its culminating point at a
later period— has found foreign, and especially colonial outlets, and its
profits are certainly not falling. W e observe the operation of the same
causes and the same principles in our own country. The rate of interest
in the old States is kept up by constant investment in the new. Western
States, counties and cities, Western railroad and other companies, are con
stantly competing with other borrowers of money in our Atlantic empo
riums. Eastern capital, too, secures the Western rate of interest in another
form— by investment in Western lands, and a consequent participation in
the rapid enhancement of real property at the West. As a result, the
rate of profits upon capital has actually risen within thirty years, in a
marked degree, throughout New England and the Middle States.
It may be said, that although the foreign employment o f capital keeps
up the rate of profits, that its transfer abroad does, nevertheless, reduce
the proportion of capital to labor at home, and so tends to lower wages.
But, without taking into the account that the income of capital employed
abroad is expended at home, it is only necessary to observe that the for
eign employment o f capital increases the rate o f profit, both upon the
capital so employed and the capital kept at hom e; that the increase of
capital, as a whole, is thereby promoted, and that by this increase the
general interests of labor cannot fail to be advanced. Thus, the total of
British capital has been augmented by the colonial employment of a por
tion of it; the successsive abstractions from home have been compensated
by the more rapid increase o f what has been retained ; and the new fields
for labor, opened and made available by transferred capital, have raised
wages at both points.
New England has furnished incalculable amounts of capital to the
Western States within the past fifty years, but has not been impoverished
thereby. On the contrary, our present population, and our present pos
session and employment of capital, would be impossible, if the Western
States did not exist. There is which scattereth and still increaseth.
In reference to emigration as a means of keeping up the wages of la
bor, it will suffice for that purpose, at a point much short of carrying off
the whole increase of laborers. If it carries off the excess of the increase
of laborers above the increase of capital, the equilibrium between capital
and labor will be maintained, and wages will not fall. If emigration does
more than this, wages will rise. The extent to which emigration may be
carried is uncertain; but as it does now, from many countries, far exceed
Improved Condition o f Labor.
407
what was possible half a century since, so another half century may give
it an expansion of which we do not now conceive. Since 1846 it has aver
aged, from Great Britain and Ireland, about three hundred thousand souls
per annum, being nearly the whole natural increase of population in that
kingdom.
The expense of emigration consists o f two parts— that of the voyage or
journey, and that of the temporary provision for the emigrant before he
acquires the means of subsistence in his new abode. The European emi
grant finds both branches of expenditure reduced, and further ameliora
tions are possible. The passage of the ocean has been shortened in time,
lessened in expense, and improved in respect to both comfort and safety ;
and the constant improvements in navigation assure us that further advan
tages will be attained.
In reference to the settlement o f the emigrant, under many circum
stances more expensive than his voyage, the situation o f the countries re
ceiving emigration contrasts wonderfully with what it was two centuries
ago. In Canada, the United States, Australia, and many other countries,
the new-comer, instead of being obliged to bring the means of subsisting
until he can raise a crop, and arms to repel the attacks of barbarous
tribes, finds well organized communities ready to receive him, and enters
into employment, either at once or after only a brief delay. In respect to
our own country, where the emigration from the Atlantic States to the
Valley of the Mississippi, although by land routes and to some extent by
successive stages, is precisely similar in motives and results to that from
Great Britain to her trans-marine colonies,— how marked has been the
improvement within the past quarter of a century ! In comparison with
the toilsome, tedious, and expensive journey to the State of Ohio by
wagons, as the present generation may recollect it, the rapidity and cheap
ness with which our Territories, even beyond the Mississippi, may now be
reached, are truly amazing.
In fine, while the greater relative increase of laborers in any given
country— as compared with capital— cannot be established in theory as a
necessary truth, and as a matter o f fact is undoubtedly subject to many
exceptions, it is, at any rate, plain that the Malthusian theory is only ap
plicable to nations from which the flow of capital and population is inter
dicted— or, in other words, that it is not applicable at all in the condition
in which the world is, and is likely to continue to be, through unnum
bered centuries. “ Sufficient unto the day, is the evil thereof.” The pro
portion of the surface of the globe really occupied, as compared with what
is not so, is so exceedingly small that the earth may almost be said to lie
before us virgin and intact, as it did before our first parents, when they
were commanded to multiply and replenish it. South America alone has
ample room and verge enough for the whole present population o f the
globe.
Imagine the space between the Alleghanies and the Rocky Mountains;
imagine those land-marks extended beyond the Canadas to the regions of
perpetual frost; imagine the whole area so inclosed, widening as you go
northward from the Gulf of Mexico,— you will then have imagined a ter
ritory only equal to that of New Holland, which has just half the civilized
population to -be found in Massachusetts, which it exceeds four hundred
times in extent! Large portions o f Asia and Africa are substantially un
occupied. Even Europe is not filled. Russia invites and receives emigra
408
Improved, Condition o f Labor.
tion. Hungary, the Danubian Principalities, European Turkey— magnifi
cent countries— are pining for the want of people. Within a few months,
old Spain has offered bounties for the settlement o f her vacant lands.
Premising thus much by way o f theory, as to the relations of land,
labor, and capital, let us consider if it be true in point of fact, that the
progress of nations in civilization and population, is marked by an in
crease in the extent and intensity o f poverty; or, in other words, if we
only attain opulence and refinement at the fearful cost of degrading and
rendering miserable, the mass o f our fellow-men.
In the first place civilization creates wealth, and not poverty. Destitu
tion, the exceptional condition o f civilized life, is the universal condition
of savage life. Even if it does not bring wealth or comfort to all, civili
zation brings the one or the other to vast numbers, and so must be an im
provement upon a state, o f which universal want is the characteristic.
Inadequate shelter, insufficient clothing, insufficient and unwholesome
food, a total want of skillful medical attendance, the condemnation of the
female sex to unsuitable labors, the abandonment of the old and infirm,
and frequently recurring famine; all these are the unvarying concomiitants of barbarous life, except in climates where the support of human
existence requires no labor and no forethought. W e know that greater
proportionate numbers perished by famine among the native races of this
country, than have been swept away by that calamity in densely popu
lated China. Savage life has many attractions in poetry and fancy; very
few in the domain of sober fact.
W e may in Europe compare civilization in different degrees of ad
vancement, and populations in different degrees of density, where the re
ligion and other general characteristics are the same. W e may compare
the Russian, the Pole, and the Hungarian, with the German, the French
man, and the Englishman. Certainly, the comparison does not teach us,
that sparseness of population is necessarily coexistent with general com
fort. Wages are the lowest where the number of laborers is the least, and
this is only another mode o f stating the fact, that the number of laborers
is least where where the capital which employs labor is the least. A d
vancing population is at once the result and sign of prosperity. Capital
being the fund out of which labor is paid, wages are always low in sparse
ly populated, agricultural countries, comparatively destitute o f capital,
such as we see in Eastern Europe. Indeed, wages are hardly paid at all
in those countries, the laborer being a slave, or surf, such as he was in
Western Europe in feudal times, and such as he would have remained to
this day, but for Commerce, manufactures, the growth of cities, and the
increase of wealth; just as he would have remained, in short, but for that
civilization without which labor cannot be employed and wages cannot
be paid.
Comparing the same countries, at different periods o f time, we arrive at
similar conclusions.
The civilization of the present times, the civilization o f machinery and
the steam-engine, our civilization, in fine, in all the peculiar characteristics
which distinguish it from former epochs, is of very modern date; in fact,
riot quite three generations old. The spinning jenny was invented in
1767, the spinning frame in 1769, the carding machine in 1772, and the
power-loom in 1785 ; prior to which times, with the exception of a par
tial use of the flying shuttle, itself an invention going back only to 1738,
Improved Condition o f Labor.
409
all the operations by which textile fabrics are produced, were by manual
labor, aided only by the distaff and spindle, or one-thread wheel, and the
hand-loom. The steam-engine was not improved and adapted to practical
working by Watts until 1769, between which time and 1790, it got into
general use. The processes of rolling and hammering iron by machinery
were discovered in 1783 and 1784. The iron business has grown up al
most wholly within eighty years, and, in England, anything like its pres
ent magnitude would be impossible without the steam-engine, because
without power, coals could not be raised and iron could not be smelted:
In 17+0 Great Britain produced only 17,350 tons of pig iron ; in 1750
only 22,000 tons; even in 1788 only 68,300 tons; now, 2,500,000 tons.
Let us consider what has been the condition of labor in Western Eu
rope during this modern epoch, as compared with preceding times.
The middle ages were marked, both in England and on the continent
of Europe, by extreme general want and frequent famines. Population
was about stationary— itself a conclusive proof of the general misery of
the people. All accounts we have of the wages of labor, compared with
the price of commodities, prove, that not only did the laborer frequently
die of starvation,but that he never reached a condition of tolerable comfort.
Sir James Mackintosh says : “ The frequency of famines, and the excessive
fluctuations of the necessaries of life, were among the most wide-wasting
evils which afflicted the middle ages. The pestilential fevers which raged
with such malignity, may, in part, be attributed to want of food, fuel, air,
and clothing; to towns crowded and filthy, as well as to the low state of
medical knowledge.” Hallam, and indeed all other writers who have in
vestigated the subject, give us the same accounts. McCulloch enumerates
twenty-three plagues and famines in England, commencing with 1407 and
terminating with 1665. The plagues of 1593, 1625, 1630, and 1665,
swept away a proportion of the population of London, amounting at those
respective periods to 24 per cent, 31 per cent, 13 per cent, and 43 per cent.
According to the same authority, wheat flour was used in the sixteenth
and seventeenth centuries only by the rich ; their servants and the com
mon people subsisting on rye, barley, and oats. Even as late as 1758, it
was ascertained that only one-half of the people subsisted on wheat flour,
whereas at this day the quantity consumed in Great Britain, in proportion
to population, is fifty per cent greater than in the free states of this Union.
The mortality in Great Britain two centuries ago was double what it is
now. It has been diminished one-third within seventy-five years. In
deed the statement that well employed artisans enjoy more real comforts
now than the nobility did in the fifteenth century, will hardly appear ab
surd, when we recollect that chimneys did not come into use until Queen
Elizabeth’s reign, that glass windows were not introduced into the better
class of farm-houses, until the commencement of the seventeenth century,
and that iron stoves were not made frequently, if at all, before the com
mencement of the present century. W ith increasing numbers there has
been a still greater increase of food. The wheat crop of England and
Wales was raised from thirty millions of bushels in 1770, to one hundred
millions of bushels in 1835. The same thing is true of France, where
in 1760 the crop of grain of all kinds was 12| bushels to each person,
and is now 151 bushels; the population in the meantime having nearly
doubled. The scenes of the Irish famine of 1847, which were common
in Europe in the thirteenth, fourteenth, fifteenth, and sixteenth centuries,
410
Improved Condition o f Labor.
have become impossible, with improved modes of communication and in
creased wealth.
It was the introduction of improved processes in manufacturing and
mining which made labor valuable and productive, and thereby increased
wages; which increased the sum total of production, and thereby increas
ed the share o f reward of all the agencies concerned in production. W e
know familiarly, that, at the same period, rude labor is less paid than
skillful labor; the agricultural laborer less than the artisan. In the rise
of inventions and improved processes, the almost invariable rule is, that
the reduction of price in the article produced, is not so great as the saving
of labor and the reduction of cost, until after a considerable time has
elapsed. In the meanwhile, there is a profit, oftentimes large, which is
divided between the master manufacturer and the laborer, in a proportion
not always just, but still leaving an advantage to labor.
The wages of certain mechanics and the prices o f provisions and other
articles, as paid and recorded at the Greenwich Hospital for a century,
from 1730 to 1830, exhibit results which may be taken as true generally
o f labor in England. The increase in wages is a fraction more than one
hundred per cen t; the increase in the price of bread and meats in the
same time, is a fraction less than one hundred per cent; but the prices
of coal, salt, clothing, and other articles, are so much reduced at the latter
period, as upon the whole, to give to labor a double command over the
necessaries and comforts of life.
Dr. Malthus enters into an elaborate estimate of the wages of agricul
tural laborers in England, during a period of five hundred years prior to
1811, in connection with the prices o f wheat; deducing therefrom what
political economists call the “ corn wagesf that is, the amount o f wheat
obtainable for a day’s work. W ith occasional fluctuations in particular
years, the quantity o f wheat purchasable with one day’s labor, does not
appear to have varied much in that long period, being a little short of
one peck. According to the same authority, the same steadiness exhibit
ed itself in France during the seventeenth and eighteenth centuries; the
“ corn wages ” of the French laborer being a little less, however, than
those of the English laborer. In both countries, wages, reckoned in money,
had largely advanced, and in connection with the fall in the prices of
manufactures, the power of the laborer over the comforts of life must have
correspondingly increased. In both, the laborer escapes, in modern times,
those fluctuations of the necessaries of life which afflicted the middle ages,”
which Sir James Mackintosh characterizes as “ excessive'' but which he
might well have characterized as terrible, looking to their effects upon the
condition of the poor. The table o f British prices shows many years in
which the price of wheat was double, treble, and fourfold what it has been
at any time during the last century; in one year, 1270, when it is said
that many parents devoured their own children, wheat was (reckoned
in our money) twenty-five dollars per bushel; not unfrequently the price
was four times as much before harvest as afterwards, a fluctuation im
possible when capital exists to hold stocks and make provision for the
future.
Within the last half century, the improvement in the condition of Brit
ish labor has been great and unmistakeable.
The following appear to have been the weekly wages paid to certain
mechanics at Greenwich Hospital in 1800 and 1836 :—
411
Improved Condition o f Labor.
1800.
Carpenters..........................................................
Bricklayers..........................................................
Plumbers.............................................................
1816.
29s. 3d.
26s. 9d.
30s.
18s.
18s.
19s.
During this period wheat had fallen in price.
The weekly wages of printers (compositors) had risen, in the same time,
from 40s to 48s. at which rate they were maintained in 1851, according
to the Edinburgh Review.
From this last authority, I make the following statement of the weekly
wages, reckoned in money, and in flour and meat, of spinners of cottonyarn No. 200, at three different periods:—
Money.
1804...................
1833...................
1850...................
32s. 6d.
42s. 9d.
40s.
Lbs. o f flour. Lbs. fresh meat. Hours labor.
117
267
320
62
85
85
74
69
60
From 1800 to 1850, coffee had fallen in England from 200s. per cwt.
to 117s.; tea had fallen from 5s. per pound to 3s. 4d .; sugar had fallen
from 80s. per cwt. to 41s.; printed calico had fallen from 28s. per piece
of twenty-nine yards to 6s. 6s.; Irish linen had fallen from 3s. 2d. per
yard to is. 2d.
Wages in Great Britain are low, but they are really higher than ever
before, aud on the whole are still improving.
Notwithstanding the nu
merous and distressing instances o f hardship, the laboring classes have an
increasing surplus o f earnings above their necessary wants, which they
save or expend in luxuries, according to their several habits and disposi
tions. The returns of the savings banks in England, Wales, and Ireland,
for 1848, compared with 1830, show an increase in the number of depos
itors from 412,217 to 970,825; and an increase in the amount deposited
from £13,507,568 to £27,034,026. This shows that there is a good deal
saved, and that the amount saved is increasing. There is proof, also, that
there is a vast amount expended needlessly and injuriously; and this, al
though to be regretted in one aspect of it, is conclusive evidence that the
laborers of Great Britain are by no means on the verge o f starvation.
Mr. Porter, in a paper read before the British Association in August,
1850, makes the following calculation of the sums expended annually in
Great Britain for certain articles:—
Rum, gin, and whisky................................................................................
Beer and porter..........................................................................................
Tobacco........................................................................................................
£20,810,208
25,383,165
7,218,242
Total................................................................................................
£53,411,615
Mr. Porter excludes from the computation brandy and wines, as being used
principally by the rich. W e have, then, an aggregate of fifty-three mil
lions sterling expended mainly by the laboring classes for articles of mere
luxury; a sum equal to the whole peace taxation of the British govern
ment, and double the interest o f the British national debt.
The difficulty of enlisting soldiers for the present war arises from the
improved condition of labor in Great Britain, and from no other cause.
Population has increased, but the number ready to fight for sixpence a day
has fallen off. England had soldiers enough for her twenty years’ strug
gle with the first Napoleon, but her recruiting sergeants can only succeed
now when supported by the potent arguments o f doubled pay and increased
bounties.
412
Improved Condition o f Labor.
Those who prosecute inquiries in reference to English labor may be mis
led as to its present condition by quite recent authorities, unless special
attention is paid to dates. Thus, those cellars in Liverpool, foul with vice
and disease, which occupy so prominent a place in the Parliamentary re
ports of 1830, have ceased to e$ist; the law now not permitting their use
as abodes for human beings. Recent legislation in respect to factories has
corrected many abuses in the employment of children, by fixing a mini
mum age, and limiting the hours of labor. So, too, until within two or
three years, England has been flooded with destitute Irish, reducing the
wages of labor, and forming the worst feature in the filth and misery of
English cities. The providential events o f 1847, the impetus given by
them to Irish emigration, and that admirable series of measures, o f which
the Encumbered Estates Act is one, devised under the administration of
Ireland by Lord Clarendon, have so changed the face o f affairs in that
country, that we may even hope that it will afford scope for labor from
other ports of the British Empire, instead o f desolating them by its swarms
o f beggars, as it has done in times past.
In our own country all circumstances favor an advance in the condition
of labor. Our area, so far as the present and many succeeding generations
are concerned, is practically boundless, even if it does not receive any of
those further enlargements, to which a “ manifest destiny” is supposed to
point. The facilities for movement from one portion of it to another are
so great, that labor may easily and promptly avail itself o f the best mar
ket. Rapid as is the augmentation of numbers from natural increase and
foreign immigration, the increase of capital is undoubtedly still greater.*
Wages have risen conspicuously, and in some instances have doubled with
in a generation, reckoned in m oney; and reckoned, as they should, in
command over the comforts and luxuries of life, the rise has been still
greater. Young men in service as farm laborers in New England, twentyfive years ago, did not receive more than eight dollars per month. In
that, or similar employments, they can now earn twice that amount, and
as board is included, they are unaffected by any rise which has taken place
in the price of food. Nearly all manufactured goods, of necessity or con
venience, have been greatly reduced in cost. The improvement in the
condition of labor has been general, affecting all employments and both
sexes.
A “ Boston merchant,” writing for Hunt’s Merchants' Magazine in 1848,
and giving his mercantile experience during a period o f forty-six years,
says:— “ When I commenced trade in. a country town, I retailed English
chintz prints for seventy-five cents per yard, and the purchaser, perhaps,
was a girl, who could get for a week’s service no more than fifty cents.
The having of such a new gown was apparently of as much consequence
to her, as the building o f a new barn would be to a farmer. The same
class of girls now can get $1 75 to $2 per week, and purchase as good a
gown o f American manufacture for fifteen to twenty cents per yard.”
* All the statistical writers upon this subject, whom I have consulted, make the increase of
wealth, real and personal, much more rapid than that of population, and this increase o f wealth
seems to be relatively greatest where population is most dense, as in Rhode Island and Massachu
setts. In the latter State the average amount of property to each person has risen from one hun
dred and sixteen dollars, in 1790, to six hundred and one dollars, in 1850. I:i Maine the average
amount o f property, real and personal, was estimated, in 1792, at seventy-two dollars; in 1850, Sea
man estimates it at two hundred and thirty dollars. At this time, the tonnage alone o f Maine
would give au average of property to each person in it equal to the estimate ot/all sorts o f property
in 1792.
Improved Condition o f Labor.
413
Books have been cheapened; locomotion has been cheapened, perhaps,
more than anything else, and the pleasure and instruction of travel there
by brought within the reach of vast numbers to whom travel was formerly
impossible. To detail the progress of American society, not merely in
aggregate wealth, but in the general diffusion of comfort and enjoyment,
would be to write a history o f the times. It is sufficient, that it abund
antly appears in our example, that increasing population has no necessary
connection with increasing poverty, or a retrograding condition of labor,
but may co-exist with a high and advancing degree of general prosperity.
The same causes, whatever they be, which have raised the wages o f la
bor in the free States o f this Union, have raised the value and market
price of slaves in our Southern States; or at any rate, what is practically
the same thing, the price of slaves in the one has been enhanced by the
rise in wages in the other. The price o f slave property in the United
States has doubled within twenty-five years; it has risen 30 per cent with
in five years. Slaves, in the aggregate, including both sexes and all ages
and conditions, are computed to be worth, on an average, five hundred
dollars each.* An able-bodied man is worth one thousand dollars, and if
he has any special skill, as a mechanic or otherwise, he is worth a good
deal more. A well-informed writer in the Revue des Deux Mondes for
1854, computes the value of a Russian serf, fit for military duty, at one
thousand francs, less than one-fifth the value of a Virginian negro. Some
estimates make the value of a Russian serf greater, especially in the west
ern provinces. These facts show that the system of Southern slavery is
in a high condition of vigor, and that, contrary to opinions heretofore
generally prevalent, it may possibly be maintained in that condition during
an indefinite period.
The Malthusian theory being the received doctrine of the books and
the schools, it has been treated as settled, that negro slavery must die out
from the inevitable fall in the value of labor. Whatever manifestations
of vitality it may have given, have been ascribed to exceptional causes,
such as the discovery of Whitney’s cotton-gin, and the opening of new
cotton fields. This was the substance, so far as it relates to this subject,
of Mr. Webster’s speech (well known by its date) of the 7th of March,
1850. Mr. Clay, in 1844, brings forward the proposition that slavery
must cease at no distant day, “ from the laws of population,” as a wellrecognized and established truth. Mr. George Tucker, Professor of Polit
ical Economy in the University of Virginia, in his work published in 1843,
entitled “ Progress of the United States,” says:— “ The population of the
slave-holding States, at its present rate of increase, and even at a reduced
rate, will in no long time have reached that moderate degree of density,
which supposes all their most productive lands taken into cultivation. As
soon as that point is reached, the price of labor, as compared with the
means of subsistance, will begin to fall, according to the great law of hu
man destiny, so ably developed by Malthus. *
*
* * In this pro
gressive declension o f its value, labor will finally attain a price so low that
* Seaman, in his Progress o f Nations, page 617, states that “ prior to 1790, the average value o f
slaves was less than one hundred dollars.” by official valuations in Maryland and North Carolina,
made in 1813, and intended to be true and actual valuations, the average value of slaves was fixed
in Maryland at one hundred and thirty dollars, aud in North Carolina at one hundred and ninety
dollars. In 1850, the range of the average value o f slaves in the different States was from three to
four hundred dollars. In adapting a present average valuation of live nunured dollars, 1 have fol
lowed the Lexington (Missouri) Address o f September. 1855, which is confirmed by extensive sales
reported in the New Orleans and Charleston (S. C.) markets, and other information.
414
Improved Condition o f Labor.
the earnings of a slave will not repay the cost of raising him, when, of
course, his master will consider him as a burdensome charge, rather than
as a source o f profit; and as the same decline in the value o f labor once
liberated the villeins or serfs of Western Europe, and will liberate the
serfs of Kussia, so must it put an end to slavery in the United States,
should it be terminated in no other way.”
Mr. Tucker says that this may be regarded as the “ euthanasia” of ne
gro slavery, and he fixes, by a series o f calculations, eighty years from the
time he wrote as the probable duration of slavery, subject to be enlarged
by various circumstances, such as the application of slave labor to manu
factures, and the opening of new territories to slave immigration.
His
views are probably not more sound than those of David Hume in the last
century, upon the “ euthanasia” of the British constitution. His illustra
tion is certainly made up for the occasion. The abolition of serfdom in
Western Europe was a political movement, having no reference to econom
ical reasons, just as it has been, in our own times, in Gallicia and else
where in the dominions of the emperor of Austria. There is not a parti
cle of evidence, and no semblance or color of evidence, that it grew out
of a fall in the value in labor; and, indeed, comparing the period subse
quent with the period prior to its occurence, we observe an increase in
both value and wages of labor.
W hat is certain, as a matter of fact, in respect to slavery in the United
States is, that as yet there has been no progress in the direction indicated
by the philosophy of Mr. Tucker, but that the progress has been in pre
cisely the opposite direction, and still continues to be so. John Randolph
said of the condition o f things in his time, that it took all the corn to feed
the hogs, and all the hogs to feed the negroes, and that there was nothing
left for the master, and that unless the slaves ran away from the masters,
the masters would be obliged to run away from the slaves. The present
condition of things in Virginia is quite the reverse o f this. The binding
and working of slaves are highly remunerative to their owner, whatever
tliev may be to the community. The annual export of slaves from that
State amounts to six millions o f dollars, and we certainly hear nothing of
fugitive masters, whatever we may hear o f fugitive slaves. It may be
suspected that the increased attachment to the system of slavery at this
dav arises quite as much out of the increase of its profits as out of reaction
against the assaults of abolitionists, and more especially as abolitionism,
which was universal at the epoch o f the Revolution, has been steadily de
clining down to the present time.
If the system of slavery is as unfavorable to the increase of wealth as
it is generally supposed to be, it may well be doubted, whether the pro
gress of things might not be such as Mr. Tucker indicates, under that sys
tem, in a community left entirely to itself; or, in other words, whether, in
such a community, the number ot slaves gaining constantly upon both
capital and land, might not result in a constant depreciation of their value.
Such, however, is the intimate connection of all countries having relations
with Commerce, that there is a tendency to equilibrium in the value of
both capital and labor in all of them. The price of slaves is said to have
doubled in Brazil within the last five years; a result due, only in part, to
the interruption of the African slave trade. The vast enterprises, based
upon the vast capital of modern times, are felt, in their calls for labor, in
the most distant regions. It is in obedience to their irresistible and insa
Improved Condition o f Labor.
415
tiable demands, that the unnappy coolies o f the East now pine in the
Christian islands, in the Antilles and in the Guianas. Between the free
and slave States of this Union, the industrial relations are so numerous
and so intimate that it is impossible to conceive o f a rise o f wages in the
one without a rise in the value of slaves in the other.
In conclusion, there is nothing in the laws of human destiny, as devel
oped by history read aright, or by sound and manly reasoning, to shake
our faith in the possible continued progress of our race towards a condi
tion of general and diffused happiness. It is not “ star-eyed science ”
which has “ brought us back the language of despair,” but a false science,
led away by narrow inductions, and sacrificing truth to dogmatic general
izations. It is a vain and babbling philosophy which teaches that all the
improvements in mechanics and the arts, which so amazingly facilitate and
multiply production, all the discoveries which subject to our use the ex
haustless energies of nature, and all the researches in medicine, which
have stayed pestilence, prolonged life, and improved its powers, have only
plunged the mass of mankind into a lower depth of misery. The free
laborers of the European races, from which we have sprung, are better
fed, better clad, and better housed than their immediate progenitors, as
they, in their turn, occupied a condition superior to the villeinage of the
middle ages. It is not the special sin of modern civilization that it neg
lects the humble, or despises the poor. On the contrary, tempered in its
moral aspects by the benign influences of Christianity, it is especially
marked by its tenderness for the weak, whether they be so by sex, age, or
want. To the gorgeous epoch o f that chivalry, lamented by Burke, in
which the common people were of less account than the beasts which per
ish, has succeeded a better day, as yet in its dawning, which has sought
out the needy and afflicted, ameliorated criminal codes, abolished torture,
suppressed the slave trade, visited prisons, founded noble charities, and
made legal provision for the poor. Much has been done, and much will
always remain to be done. “ The poor ye have with you always.” The
time will never come when the virtue o f charity will lack objects calling
for its exercise. But in view of the progress and history of mankind, be
nevolence may contemplate the present with thankfulness, and the future
with hope. O f material and moral evils, how many have been removed!
Of those which remain, how large a proportion are remediable! From
the painted savage to the civilized man is a long interval, with many
steps. The interval may be equally long, and the steps equally many, be
fore the ills of life are reduced to the small compass o f those which are
unavoidable ; when intemperance shall no longer waste human strength ;
when hope shall stay the recklessness of the poor, and a better cultivation
shall supersede the barbaric profusion of the rich. It is certain that many
of the evils which we now deplore were overlooked by former generations,
under the pressure of greater and more urgent calamities, and if the per
fectibility of the human species is a vain dream, the constant progress of
the race is a sure reality.
416
Commerce and Resources o f Australia.
Art. II.— C O M M E R C E A N D R E S O U R C E S
OF A U S T R A L I A . *
C O L O N Y OF V I C T O R I A — P O P U L A T IO N — I M M IG R A T I O N IN T O V I C T O R I A — IM P O R T S A N D K X P O R T S — C U S T O M S
R E V E N U E — P A R T I C U L A R S OF T H E
T IO N
OF
M ON STER
GOLD
E X P O R T S — S H IP P IN G , A R R I V A L S A N D C L E A R A N C E S - C O N D I
B A N K S OF M E L B O U R N E — C O U R S E
NUGGETS
FO U N D
OF
EXCH AN G E— GOLD
IN V I C T O R I A — I M P O R T S
AND
EXPO RTS
F I E L D S — P R O D U C T IO N OF G O L D —
OF
S P E C IE
FROM D IS C O V E R Y —
M E L B O U R N E S T O C K M A R K E T , E T C ., E T C .
M elbourne,
To
November 5, 1855.
Editor of the Merchants' Magazine:—
D e a r S i r : — The communication which I addressed to you in Septem
ber last year, touching on the Commerce of this colony, having been con
sidered of sufficient interest by you to give it a place in your valuable
journal, I am induced to send you some further statistical matter bearing
on the same subject, as a continuation to the facts and figures which I then
had the pleasure to compile.
I shall confine myself entirely to this colony, (Victoria,) although, in
my first letter, I touched slightly upon matters appertaining to the other
provinces of Australia.
Perhaps the population o f the country is the item first in importance—
in my last I estimated the numbers at 300,000— it is generally agreed on
all hands that there are now 350,000 souls in the colony. By the inclosed
table, marked A, you will see how these figures are made up. It would
seem from this that my calculation of 300,000 being about the popula
tion in September last year was rather over the m ark; but at that time
the census had not been published, and I could only approximate the num
ber.
The inhabitants of Melbourne, Geelong, &c., are much less than they
were a twelve-month ago. A s new arrivals find so little inducement to
hang about the seaport towns, compared with former times, they now in
variably betake themselves to the interior, and no matter what amount of
immigration were to take place, the present numbers in this city and Gee
long are considerably more than the actual requirements of trade would
call for.
The inclosed tables,) showing the amount of immigration into the col
ony from its settlement to the present time, will no doubt interest some of
your numerous readers; they are marked B and C. 1 am indebted for
these and the table on population to G. W . Rusden, Esq., clerk to the le
gislative council, and acting chief of the immigration department.
I had occasion, in my' former letter, to deplore the great sacrifice of
merchandise resulting from excessive shipments; it is now my pleasing
task to communicate a completely altered and much more satisfactory
state of things. The declared value of imports and exports for the haltyear ending July 5, 1854, were respectively £8,556,068 and £4,901,880;
for the twelve-month since, the former amounted to £ l 1,743,884, and the
latter to £11,236,494, (see accompanying paper marked D.)
It will thus be perceived that we are gradually wearing round to a con
dition o f prosperity not often seen in a new’ country, viz.: exports in excess
F reem an H unt,
• In the Merchants’ Magazine for February, 1855, (vol. xxxii., pages 154 to 165,) we published a
paper from the same reliable source. The writer, as we stated in our issue for March, 1856, (page
393,) is on his return to the United States.
f These tables, which were all prepared officially for Mr. Train for the Merchants’ Magazine, will
be found appended to this letter.
417
Commerce and Resources o f Australia.
of imports. I doubt not that by July 5, 1856, when the next returns will
be published, this will be shown in a very marked degree.
The country is still mainly dependant on foreign supply for the chief
article of food, and the twelve months to July 5, as above, show the re
ceipts of flour as having been 27,627 tons. Of this quantity, Chili has
been the principal source of supply, and with the low prices at her ship
ping ports, and high rates ruling here, immense profits have been realized.
This market lias ranged from £30 to £50 a ton during this period, the
lowest figures leaving considerable margin on Chili flour. The exports
generally, from the United States to this country, have considerably fallen
off, and flour has joined in the diminished shipments. There have been
several arrivals from California with breadstuff's, and amongst them the
large Boston clippers Flying Arrow and Dashing Wave— rather a new
era in the employment of such vessels.
I am inclined to think, and my opinion is strengthened by the informa
tion I can gather from all quarters, that the requirements for wheat and
flour from other countries will next year be on a very diminished scale.
At present no reliable information can be obtained of the exact quantity
of ground under cultivation in Victoria, but the fact is well known that
there are a vast number more acres sown in wheat and other cereals than
heretofore, and the sister colonies show like results— South Australia alone
having over 100,000 acres in wheat. Australian wheat is not to be sur
passed by the growth of any other part of the world.
These are facts that should be well borne in mind by foreign shippers;
at the same time, should emigration again set in strongly, this market will
be open for imports o f breadstuff's in perhaps a larger extent than ever.
The customs revenue collected is very extensive, and the machinery of
this department of the public service is in a satisfactory state. Paper in
closed, E, shows the receipts on this head from January to October of this
year, both inclusive, at £982,753 2s. li d .— about £100,000 per month.
The export duty of 2s. 6d. per ounce on gold shipped, is working admir
ably, contrary to general expectation. I do not know that I can mention
a single case of smuggling, either at the shipping ports or across the in
land boundary.
The particulars of gold exported and duty received are seen by the pa
per F.
As the figures in my former letter extended only to July and September
last year, I append the total imports and exports from different countries
for the entire twelve months of 1854 :—
IM P O R T S .
Great Britain.
British possessions.
United States.
Foreign States.
Total.
£11,076,628
£4,453,134
£#97,021
£1,216,115
£17,742,998
Great Rritaiu,
British possessions.
United States.
Foreign States.
Total.
£10,288,235
£1,372,107
£50,933
£75,951
£11,787,226
EXPORTS.
N U M B E R A N D T O N N A G E OF V E S S E L S E N T E R E D I N W A R D S D U R IN G
Great Rritain.
No.
Tons.
650
340,342
British possessions.
No.
Tons.
1,715
353,410
United states.
No.
Tons.
Foreign states.
No.
Tons.
78
163
CLEARED
Great Britain.
No.
Tons.
86
66,876
British possessions.
No.
Tons.
2,082
532,133
YOL. X X X IV .---- NO. III.
40,206
61,646
1854.
No.
Total.
Tons.
2,596
794,604
OU TW ARD S.
United States.
No.
Tons.
Foreign States.
No.
Tons.
No.
12
427 195,691
2,607
4,137
27
Total.
Tons.
798,837
418
Commerce and Resources o f Australia.
For the foregoing statistics I am indebted to the Hon. Mr. Childer,
Collector of the Customs, whose courtesy, and that of the heads of
all departments here, deserves notice for the promptitude with which
they are always ready to furnish information connected with the public
service.
The following papers, connected with the banking business of this city,
have been compiled expressly for me for publication in the Merchants'
Magazine, and I cannot do better than pay my tribute o f thanks to Mr.
McArthur, the talented Manager of the Bank of Australasia, for furnishing
me with such interesting and valuable information.
Now mark the enormous strides taken by the colony in commercial
greatness since the discovery o f g o ld !
A t the latter end o f 1851, the deposits in the banks‘ amounted to
£820,000 ; and the circulation o f notes to £180,000 ; together, £1,000,000;
while the advances of the banks amounted to £748,000; and the coin
held by them to £321,000.
In December, 1852, the deposits amounted to £4,800,000 ; and the cir
culation to £1,440,000; together, £6,240,000; while the total advances
of the banks reached only £1,580,000; and the coin on hand was up
wards of £2,000,000.
In December, 1853, the deposits were £6,200,000; the circulation,
£1,900,000; together, £8,100,000; the advances by the banks at this
period being £3,900,000; and the coin on hand, £3,400,000.
In December, 1854, the deposits were £5,000,000; the circulation,
£2,100,000 ; together, £'7,100,000.
The deposits have run down this year, as compared with the preceding
one, £1,000,000, caused by the large remittances made to meet imports,
and which also caused the advances by the banks during this year to run
up to £6,400,000, being in excess o f the pirevious year, £2,500,000. The
coin, however, on hand exceeded £2,300,000.
On the 30th September of the current year, the deposits in the banks
were £4,600,000; the circulation, £1,900,000; together, £6,500,000;
and the advances, £5,100,000; showing a decrease in the deposits and
circulation of £600,000; and in the advances of £1,300,000; and the
coin on hand amounted to £2,600,000.
It thus appears that at no period under review have the advances of
the banks in the aggregate exceeded the deposits and circulation, while
the coin held by them has at all times amounted to between a third and
fourth of their total liabilities— a most satisfactory proof o f the sound
and healthy financial position o f the colony, and its vast resources, and the
prudence which has been exercised by these establishments in conducting
their affairs.
In arriving at these conclusions, I feel that no man, at all conversant
with figures, although not a practical banker, but will admit that the
banks, with advances considerably within the deposits and circulation, with
nearly a third of their total liabilities always on hand in coin, and their
capital and surplus profit also in reserve to meet any contingencies that
might arise, prove that a sounder system of banking could not be found
in any country in the world. The paper referred to is marked G.
I also inclose another table, marked H, showing the course o f exchange
from 1839 to the present time. This, I doubt not, will prove highly in
teresting to the merchants and bankers of America. The present rate of
419
Commerce and Resources o f Australia.
1 per cent premium, at which the banks are now selling their bills on
London, is not likely to continue for any length of time, and I believe
exchange will be at a discount shortly; already there are signs o f a ple
thora of gold in the market.
W hile on this subject, I may mention the decided increase there is in
the production o f gold, and new fields are constantly being discovered;
the principal of these are at a place called Fiery Creek and at Mount
Blackwood— at the former the “ rush” numbers something like 40,000
persons. The results produced by quartz crushing equal the most san
guine expectation, and machinery for other mining purposes is being pretty
generally introduced over all the diggings.
Mr. Khull, our principal gold broker, has given me a list of the new
gold fields discovered since September, 1854. They are—
Howqua, on the G oulbourn.................. ....................
Mount A ra ra t.......................................... ..................
Skijlitz F o re st........................................
Caledonian.............................................. ...................
Mount Blackwood................................. ....................
Fiery C re e k ........................................... ....................
L a t it u d e .
L o n g itu d e .
3 7 °1 2 '
1 4 6 °1 0 '
37
142
20
51
144
15
37
36
146
40
37
33
144
32
37
27
143
16
He also furnishes me with the following very interesting memorandum
of some of the various monster nuggets found on our gold fields. These
are only a few of what have come to light
MONSTER NUGGETS FOUND IN VICTORIA.
No. 1.
May 31, 1852. A pure nugget, weighing 336 ounces, called the
Dascombe Nugget, from Bendigo. This nugget was shown to her
Majesty by Messrs. Herring, of London, to whom it was sent by
Mr. Joseph Herring, gold broker, Melbourne.
No. 2.
September 18, 1852. A pure nugget, weighing 340 ounces, from
Bendigo.
No. 3.
October 16,1852. Monster nugget or bar (from its shape) of gold,
dug up within ten yards of where No. 1 was found, weighing 564
ounces. The fortunate finders were from Adelaide. It was about
two feet long and five inches broad, entirely free from quartz, and
shaped somewhat like a twisted or French loaf.
No. 4.
February 5, 1853. A lump of gold and quartz, weighing 1,620
ounces, found at Ballarat; was taken home in the Sarah Sands
steamer by the finders, who came out in the Great Britain about
ten weeks previously.
No.
5. April 7, 1855. An 84 lb., or 1,008 oz. nugget, found at Fryers
Creek ; shipped per Lightning in April, 1855.
No. 6.
April 7,1855. Nugget, weighing 40 lbs., or 480 oz., found at Bal
larat ; shipped in Bed Jacket, May, 1855.
No.
7. April 28, 1855. Nugget, weighing 48 lbs., or 576 oz., found at Bal
larat, and shipped in Bed Jacket, May, 1855.
No. 8.
April 28, 1855. Splendid quartz specimen, weighing 24 lbs., or
288 oz., from Mount Blackwood ; shipped in the Bed Jacket,
May, 1855.
No.
9. June 23, 1855. A nugget, weighing 88 lbs. 4 oz., or 1,060 oz.,
found at Marybro’ or Simsons Ranges. This was melted into
ingots, and turned out a losing speculation for the purchasers.
No 10.
October 27, 1855. A nugget, weighing 730 oz., found near old Daisy
H ill; still in Melbourne.
420
Commerce and Resources o f Australia.
IM P O R T S
AND
EXPORT9
OF
S P E C IE , F R O M
OCTOBER,
D IS C O V E R Y
OF
GOLD
F IE L D S
TO
1855
Im p o rts.
1 8 5 2 ................................................................................. . .
E x p o rts.
£ 2 ,5 0 0 ,0 0 0
1 8 5 3 ..................................................................................
2 ^ 4 0 0 ,0 0 0
£ 5 0 ,0 0 0
1 8 5 1 ..................................................................................
5 6 3 ,3 3 2
1 ,2 0 0 ,5 7 8
At
................................
2 5 8 ,5 3 1
1 6 4 ,4 9 1
Total................................................
£ 5 ,7 2 1 ,8 6 3
£ 1 ,4 1 5 ,0 6 9
2 7 th
October,
1855
America has had none o f our wool yet. Is not this trade worth her
looting after ? A t present, it all goes to the English market— excepting
some slight shipments to Havre. Could not a trade be opened with the
States in this staple ? ’Tis true, there is not much available for purchase
in this market, for as yet it nearly all goes home direct from the grow er;
but buyers in the market and a little competition would soon induce the
squatters to sell on the spot. Your tariff, however, is almost prohibitory,
and before anything can be done, that must be altered.
No more hides or gum of consequence have gone forward, and the ves
sels loading back to the States are few and far between.
Outward freights to England have ruled low since the large clippers
came into the trade, and the rate that has been lately paid on wool,
gold, &c., would not alone pay for carrying; but the passenger traffic
homeward is considerable, and although the competition between the va
rious lines is great, rates of passage keep up.
It seems that we are likely soon to return to steam for carrying our
mails, the proposition of the Peninsular and Oriental Company to perform
a monthly service having reached these colonies, and meeting with gen
eral favor. I have at various times strongly advocated the merits of the
Panama route, and hope the time is not distant when a line of steamers
will run to the latter point, in addition to the packets to connect with the
overland mail.
The new Constitution having arrived, will be shortly in operation, and
we may look for extensive changes and alterations in all matters— both
political and commercial; and a twelvemonth hence may show vast strides
taken by the Australian colonies in social progress. Of material prosper
ity, compared with other countries, it may be said to have its fill.
Doubtless, extensive public works will be commenced, and joint-stock
companies will be organized to develop the magnificent resources of the
country. The few public companies already formed have had up-hill work,
and have not paid their shareholders. This, however, does not apply to
the banking interests, for those bodies have reaped enormous dividends on
the capital employed. I quote the present price o f stocks :—
M ELBOURN E STOCK AND
SHARE
L IS T , N O V E M B E R
9, 1855.
BANKS.
Australasia........................................
Shares.
40
Union.................................................
25
New South W a le s ...........................
Victoria..............................................
London Chartered...........................
Oriental..............................................
English, Scotch, and Australian.. .
20
60
20
25
20
Paid up.
£.
s.
40 0
0
10
20 0
15 0
20 O
25 0
20 0
Last Div.
Per cent.
17 i
30
10
10
6
..
..
Latest
sales.
£88
ri
29
20
20J per cent
£40
181
421
Commerce and Resources o f Australia.
P U B L IC C O M P A N IE S .
Paid up.
£ . 8.
e 0
4 0
2 0
0 10
5 0
Shares.
5
5
10
5
25
Melbourne Gas, first issue...............
second issue..........
third issue.............
Colonial Insurance.............................
Victoria Insurance............................
P U B L IC
City of Melbourne 6 per cents . . . ,
Town of Geelong 6 per cents . . . ,
Melbourne Gas 10 per cent.............
Latest
sales.
Last Div.
Per cent.
5 discount
£12
10
5s.
LOANS.
.,
,,
..
••
Par.
Par.
Par.
R A IL W A Y S .
Melbourne and Hobson’s B a y .........
Melbourne and Mount Alexander..
Geelong and Melbourne...................
50
25
20
50
15
15
0
0
0
£8£ discount
£5 10s. dis.
10 discount
••
The gas and water works are not yet in operation, but we are promised
to have them soon.
I inclose a summary of arrivals of American shipping at this port since
1st September, 1854; and hoping at some future time to again have the
pleasure of transmitting some further statistical matter for your valuable
magazine in connection with this country, allow me to subscribe myself,
Yours most respectfully,
G.
F.
T.
B.
S T A T E M E N T S H O W IN G T H E N U M B E R O F
IM M IG R A N T S
F R O M T H E F O U N D A T IO N O F T H E S E T T L E M E N T
TO
THAT
THE
HAVE
A R R IV E D
IN
TH E
COLONT
3 0 T H SEPTEM BER, 1 8 5 5 , W IT H TH E
C O ST O F IN T R O D U C T IO N O F A S S IS T E D IM M IG R A N T S .
Males.
1851, from January, 1838, to June . .
1861, from July to December.............
1852 .........................................................
1853 .........................................................
1854 .........................................................
1855, from January to September SO.
Total............................................
Females.
Total.
7*512
67,110
60,796
51,913
37,184
1*61*7
12,077
16,938
15,179
9,888
9,029
79,187
77,734
67,092
47,072
224,515
55,599
280,114
A S S IS T E D .
Males.
Sex not
Females, ascertained.
1851, from January, 1838, to J u n e.. .
1851, from July to D ecem ber.............
1852.........................................................
1853.........................................................
1854.........................................................
1855, from January to September 30 .........
297
2,865
13,897
905
7,715
9,342
10,862
5,563
27,473
1,987
15,477
14,578
16,318
8,428
Total.....................................................
36,680
48,284
297
84,261
Total.
G R A N D T O TA L.
Males.
1851, from January. 1838, to J u n e.. . .........
1851, from July to December............. .........
1852........................................................
1853.........................................................
1854......................................................... ........
1855, from January to September 30 .........
Total..........................................
13,279
8,594
57,369
40,049
Sex not
Females, ascertained.
Total.
13,897
2,422
19,792
26 280
26,041
15,451
297
27,473
11,016
94,664
92,312
83,410
55,500
103,883
697
864,376
422
Commerce and Resources o f Australia.
COST O F IN T R O D U C T IO N O F A S S IS T E D I M M IG R A N T S .'
A gg rega te.
A verage.
1851, from January, 1838, to June..............
1851, from July to December.......................
1852...................................................................
1853...................................................................
1854...................................................................
1855, from January to September 30..........
12
15
2
5
4
8
4
4
5
.£14
17
20
*15
Total....................................................
8
8
•.
8
4
>J
17
9
6
ii
4
9
4
..
.
C.
C O U N T R IE S W H E N C E U N A SS IST E D I M M IG R A N T S H A V E A R R I V E D D U R IN G T H E A B O V E P E R IO D .
Jau.
July to Dec.,
United Kingdom .
New South Wales
S.
W. Australia
Van Diemen’s L’d
New Zealand and
South S ea s...
Foreign p o rts.. . .
Total.............
t o S e p t .,
1853.
1854.
185i5.
2 9 ,2 8 6
3 3 ,0 3 2
3 1 ,8 9 5
1 6 ,8 0 9
1 1 2 ,8 0 0
4 5 ,2 6 9
1851.
1852.
1 ,7 7 8
T o t a l.
950
1 3 ,7 8 7
1 2 ,1 9 8
1 0 ,6 5 1
7 ,6 8 3
2 ,5 0 0
1 4 ,8 4 8
1 1 ,1 3 8
5 .7 4 0
4 ,5 2 6
3 8 ,7 5 2
8 ,7 2 1
1 8 ,7 0 3
1 1 ,6 7 5
9 ,8 7 1
4 ,6 0 8
4 8 ,5 7 8
28
915
823
638
304
2 ,7 0 8
52
1 ,6 4 8
8 ,8 6 8
4 8 ,2 9 7
$ 1 3 ,1 4 2
3 2 ,0 0 7
9 ,0 2 9
7 9 ,1 8 7
7 7 ,7 3 4
6 7 ,0 9 2
4 7 ,0 7 2
2 8 0 ,1 1 4
D.
A N ACCOUNT OF T H E
IM P O R T S, E X P O R T S , AN D
T O N N A G E , I N W A R D S , D U R IN G
1855.
Imports—o f which imports of flour were 27,627 ton s............................
Exports— of which exports of gold were 2,151,672 oz. 19 dwt. 1 gr.;
exports o f wool were 13,175,572 lbs.......................................................
ENDED
STB
THE
YEAR
JU LY,
£11,743,984
11,236 494
E.
AN
A CCO UN T O F T H E
D U R IN G
P e r io d .
January . . . .
February . . .
March...........
A pril.............
May...............
June..............
J u l y .............
August..........
Septem ber..
October§ . . . .
THE
REVENUE
COLLECTED
M O N T H S , JA N U A R Y
I m p o r t d u t ie s .
£.
s.
d.
7 4 ,5 8 2
0
5
7 6 .2 5 7
8
8
8 3 ,0 0 7
19
3
BY
TO
THE
D E P A R T M E N T O F CU STOM S IN V IC T O R IA
OCTOBER,
E x p o r t d u t ie s .
£.
s. d .
....
7 5 ,8 1 8
3
1
....
7 6 ,5 9 0
5
5
1 7 ,0 4 6
. .
. .
2
6
1855,
B O TH IN C L U S IV E .
O th e r m o n e y s .
8.
d.
£.
6 ,0 3 4
16
T o t a l.
s.
£.
d.
3
8 0 ,6 1 6
16
12
8
10
3 ,1 2 8
4
0
7 9 ,3 8 5
2 ,0 3 6
6
7
8 5 ,0 4 4
5
8
2 ,5 1 1
8
4
7 8 ,3 2 9
11
5
1 ,7 9 6
4
11
9 5 ,4 3 2
12
10
7 1 ,7 8 5
3
3
2 4 ,0 0 5
16
9
1 ,8 6 2
8
11
9 7 ,6 4 3
8
11
7 0 ,8 4 4
14
10
2 9 ,0 2 4
17
9
2 ,1 6 0
10
7
1 0 2 ,0 3 0
3
2
8 3 .2 7 9
5
10
3 2 ,7 1 4
6
1 ,6 7 2
4
4
1 1 7 ,6 6 5
10
8
8 6 ,7 3 7
16
4
3 2 ,8 1 8
2
1 ,5 5 9
13
8
1 2 1 ,1 1 5
10
2
9 3 ,6 2 0
17
10
3 0 ,0 2 6
4
1 ,8 4 2
8
5
1 2 5 ,4 8 9
10
7
4
Total . . .
£ 9 8 2 ,7 5 3
2 11
Collected at Melbourne. £833,404 16 0 I Collected at out ports . . £32,600 8 2
Collected at G eelong.. . 116,747 18 9|
----------------------Showing a total as a b o v e ................................................................. £982,753
2 11
# The contract price has now fallen to this sum.
f The cost o f immigration is defrayed out of the proceeds o f land sales. Primary charges, as of
survey, &e., being deducted, the revenue derived from land is by law divided into two equal por
tions, one o f which is allotted to immigration. It was from an accumulation o f the immigration
moiety in 1854, that the government of the day wrested the sum o f .£866,(100 to unauthorized pur
poses.
% This includes Chinese arrivals, which have occurred almost entirely in the years 1854 and 1855;
the overland arrivals from New South Wales and South Australia have, in my opinion, been under
rated.
v-v
§ Less amounts collected at the out ports, which are not included.
G.
COMPARATIVE STATEMENT OF THE BANKS IN VICTORIA FOR THE QUARTERS ENDING S lS T DEBEMBER, 1 8 5 1 , 1 8 5 2 , 1 8 5 3 , 1 8 5 4 , AND 30TH SEPTEMBER, 1 8 5 5 .
Notes in
circulation.
ij Australasia............................
—Union.....................................
” New South W ales..............
s
Total.............................. ........
Total.............................
Australasia........................... .........
S? Union.....................................
"N e w South Wales.............. .........
n V ictoria...............................
g London chartered...............
O
Total.............................
Australasia...........................
S Union.....................................
®New South W ales..............
V ictoria................................
^London Chartered...............
,SE. S. & A. Bank...................
Total.............................
Australasia...........................
^ U nion....................................
aiNew South Wales...............
V ictoria ............., ................
n London Chartered................
"^Oriental................... ............
Total..............................
3
0
0
1
0
0
8
1
879,294 15 6
12 10
288,097 16 10
0 0
0 0
5 1
9
2
1
0
3
7
6
0
3
3
12
14 10
9
6
2
5
10
9
2
0
0
17
1
12
4
13
9
4
4
£6,497 9
3,415 14
684 11
10,497 15
9
8
3
8
£94
1,350
1,444
i 10
7 9
8
9
43,502 13 11
33,677 4 0
8,046 17 7
71 11
45,911 4
9
0
85,227 15
45,982 15
9
6
48,425 18 10
27,396 18 8
146 0
3,695 19 2 1,016,760 11
3,472 1 11
45,590 4
949 3 7
83,940 i 9 1,062,496 16
7
4
1
0
20,410 10 10
23,994 17 11
561 19 8
10,105 2 10
1,261 5 11
263 4
112,481 15
64,938 13
3
3
1
£97,327
6
2
o
163 13
177,847 6
9
4
97,327
6
2
56,333
17
16,613 8 3
15,104 2 3
4 92 13 5
11,382 7 8
3,766 14 3
1,848 19 11
4 9 ,2 0 8
5
9
3,238
37,840
77,605
2,613
191,980
15
313,294
19 7
6 2
11 10
10 10
15 11
7 11
12 3
Total
liabilities.
Deposits.
£315.210 19
422,280 10
84,762 9
822,253 19
3
8
8
1,834,312 7
1,763,658 2
1,190,834 8
46,153 0
4,834,957 13
9
7
£402,934 2 10
498,274 6 4
113,045 10 11
1,014,254 0 1
2,380,704 4
2,423,436 18
1,602,119 4
9
4
2,358,390 11 10
1,998,730 0 10
760,731 16 2
988,214 14 5
133,200 2 10
6,239,297 6 1
3,286,111 6 1
2,377,046 12 6
2,069,286 3 6
1,848,586 e 5
223,790 6 5
9,304,820 8 11
1,803,146 4 3
1,371,344 10 9
697,234 13 11
936,307 6 2
198,369 3 6
62.390 5 8
5,068,792 4 3
2,734,174
1,641,941
1,173,200
1,591,081
349,289
101,729
7,591,417
4
3
8
8
9
1,553,561 17 2
1,100,841 19 8
649,243 15 6
859,610 2 2
224 979 5 0
148,982 2 10
74,348 7 3
4,611,567 9 7
2,233,059 11 7
1,296,049 7 4
1,079,701 4 3
1,393,852 1 8
421,713 7 2
389,624 11 0
102,932 8 11
6,916,932 11 11
423
p
180,058
8 10
0 0
2 3
6 1
Reserved fund,
profit and
loss account.
Commerce and, Resources o f Australia.
«' Australasia...........................
2 Union.....................................
j^New South W a les..............
Balances
due to
other ba •ks.
Bills in
circulation,
7
0
0
4
6,406,260
7
7 8
4
15
10
8
18
11
8
4
6
£166,350 19 10
101,343 12 5
54,129 10 0
321,824 2 3
$j Australasia....................... ___
j-TJ nion.................................
” New South Wales........... ___
|
Total.......................... ___
923,460 16 2
18 4
194,172 14 0
2,014,662 8 6
.Australasia ..................... ___
§ Union........ ..................... .
""..New South W ales........... ___
o V ictoria ............................ ___
___
®
Total..........................
1,715,741
Australasia.......................
^ Union.................................
S New South W ales...........
_rV ictoria ............................
q E. S.
___
___
___
___
___
& A. Bank................
Total..........................
Australasia.......................
•Union................................. ___
g N ew South W ales...........
" V ic t o r ia ...........................
wLondon Chartered............
aO riental............................
» E. S. & A. Bank................
Total..........................
1 4
1 8
161,730 3 1
626,275 10 2
100,671 12 11
8 9
704,446 3
669,619 16
280,164 14
418,511 8
168,604 6
5
1
9
2
3
i ii
10 7
14 3
578,704 10 3
14 5
16 10
11 5
4 10
10 9
2 9
£509,523 9 0
349,420 1 10
371,043 16 0
1,229,987 6 10
281,030 6
247,094 3
307,205 16
21,655 0
856,985
16
160,640 6
55,417 7
123.646 10
180,742 2
54,291 0
23,722 11
4,206 3
602,666 1
T o t a l a s s e ts .
13
7
£ 3 1 7 ,6 2 7
2
0
£ 4 9 0 ,6 9 2
15
5
1 3 ,2 6 8
0
0
3 8 2 ,1 0 7
12
6
4 9 6 ,7 1 9
4
11
4 6 ,2 2 0
11
7
1 0 8 ,0 1 2
2
7
1 9 ,9 8 2
13
7
7 4 5 ,9 5 5
6
i
1 ,0 9 5 ,4 2 4
12
ii
1 1 ,8 4 2
1
11
4 4 3 ,2 8 9
0
5
1 7 ,2 7 3
1
2
5 7 5 ,5 3 2
7
0
£ 5 0 ,0 0 0
0
0
8 ,4 9 4
9
0
5 6 3 ,7 6 6
0
0
3 7 ,6 0 9
12
1
1 ,5 8 2 ,5 8 7
7
5
5 0 ,0 0 0
0
0
3
2
5 0 ,0 0 0
0
0
1 ,9 3 8 .2 8 1
1
4
1 ,8 4 6 ,7 1 6
0
10
1 ,9 9 6 ,2 8 0
13
0
5 ,7 8 1 ,2 7 7
15
2
3 ,2 6 6 ,4 5 2
0
11
2 ,3 4 9 ,3 8 2
10
8
8
6
2 3 ,3 4 1
0
6
1 ,0 4 0 ,2 7 0
1 8 ,4 3 7
8
0
1 ,1 6 9 ,5 5 4
3
5
4
1 5 ,9 7 2
13
3
5 7 8 ,3 6 3
10
4
2 ,1 1 0 ,4 6 8
5
fi
3 ,0 0 0
0
0
815 224
2
9
1 ,5 8 0 ,7 6 9
9
3 0 2 ,£ 2 3
10
8
4 0 3 ,4 1 8
2
1
9
3 ,9 0 5 ,9 4 4
10
i
5 0 ,0 0 0
0
0
9 ,7 1 0 ,4 9 0
8
7
1 2 2 ,3 0 7
13
21
3 ,3 9 6 ,9 4 6
6
5
2 ,2 9 5 ,3 2 1
10
3
2 ,0 6 1 ,6 1 1
16
5
3
7 2
0
G overn m en t
s e c u r itie s .
£ 6 ,7 1 4
11
177,078 13 1
67,105 7 11
229,359 13 6
149,845 1 10
918
619,301
N o t e s a n d b ills
d is c o u n t e d , & c .
6 0 ,7 5 1
1
3
5 8 ,1 9 7
17
5
2 ,2 6 3 ,2 3 4
1
7
2 5 ,9 5 4
17
11
1 ,5 1 5 ,4 4 0
16
5
3 5 ,7 4 3
2
6
8 7 5 ,4 9 5
19
3
1 3 ,6 3 0
19
1
1 ,0 5 6 ,7 8 9
0
6
1 ,8 3 8 ,6 1 8
8
5 6 1 ,0 6 6
6
11
7 2 9 ,6 7 0
13
2
2 1 4 ,3 5 0
0
10
1
7 ,5 3 4
18
5
122^432
6
8
6
1 4 1 ,0 6 1
15
4
6 ,3 9 4 ,4 5 8
11
1 0 3 ,2 7 2
17
5
4
2 2 5 ,5 8 0
11
4
1 0 ,5 3 6 ,5 1 8
15
4
3
7 6 ,8 3 3
0
6
1 ,4 2 9 ,6 9 0
9
6
2 4 0 ,9 2 4
9
7
2 ,7 9 2 ,0 0 1
3
9
7
2 8 ,2 7 4
18
11
9 9 4 ,9 3 3
9
9
1 ,6 6 3 ,4 0 2
7
4
1
4 0 ,9 7 6
17
4
6 9 6 .2 0 0
9
0
1 1 8 ,9 7 3
10
5
1 ,5 1 7 ,8 8 2
5
8
8
2 0 ,5 2 5
11
6
8 1 7 ,1 4 1
2
10
1 3 2 ,8 2 9
9
9
1 ,7 5 6 ,5 9 1
0
2
1 ,6 1 1
1
0
4 9 9 ,6 5 4
4
7
1 1 ,0 0 0
0
0
7 9 8 ,6 7 7
5
9
8 ,2 0 0
0
0
5 3 7 ,0 7 8
6
8
2 1 4 ,3 3 7
9
1
9 ,2 7 9 ,9 6 9
18
5
1
2
7
0
1 2 ,0 2 1
18
2
1 3 9 ,0 7 1
6
11
1 3 ,7 3 6
12
5
1 0 2 ,8 2 3
5
2
1 9 2 ,9 7 9
19
10
4 ,6 7 9 ,5 1 4
7
9
5 1 1 ,9 2 7
9
9
Commerce and Resources o f Australia.
___
....
....
Total.......................... , . . .
|
Landed
p rop erty .
B u llio n .
424
C o in .
425
Commerce and Resources o f Australia.
Capital Dividend,
paid up.
Australasia........................... ..
Union.....................................
Hew South W a les...............
per cent.
Amount o f
dividend.
Reserved profits.
0 0
0 0
1 7
£36,255 16 10
111,044 2 7
10,751 4 1
£900,000
820,000
142,280
4
£18,000
6* * 41,000
10
6,320
Total................................ , £1,862,280
£65,320
1
7
£158,051
3
6
31, 1852.
£900,000
6
£27,000
6f
820,000
49,200
300,000
10
9,274
0
0
4
0
0
0
£50,327
200.000
32,471
7
0
5
6
0
1
£85,474
4
0
£282,798 12
81, 1853.
£900,000
£27,000
15
820,000
164,000
40
400,000
20
40,000
217,580
10
10,879
375,000
0
0
0
0
0
0
0
0
£99,609 15
215,073 6
56,125 13
37,165 2
1
5
8
2
2
4
DECEM BER
Australasia...............................
Union..................................... .
Hew South Wales.................
Total................................ . £2,020,000
6
DECEM BER
Australasia............................. .
Union.....................................
New South W a le s...............
Victoria..................................
.
T o ta ls............................ . £2,712,580
£282,379
0
0
£407,914
31, 1854.
17* £78,750
32
131,200
20,000
10
11,981
10
4
7,500
4
5,000
0
0
0
5
0
0
0
0
0
0
0
0
£309,892 19 8
215,836 11 3
81,974 19 11
69,001 7 2
3,778 5 3
918 6 n1
£254,431
5
0
£681,402
£900,000
820.000
500,005
258,510
550,000
1,169,700
500,000
30, 1855.
20
£90,000 0
30
123,000 0
25,000 0
10
10
12,378 0
4
10,000 0
10
55,857 10
4
6,000 0
0
0
0
0
0
0
0
£384,246 18 2
215,885 19 11
90,000 0 0
97,000 0 0
12,861 16 0
251,245 0 0
5,977 7 3
Total................................., £4,698,280
£322,235 10
DECEM BER
Australasia............................. .
Union.....................................
New South W a les...............
Victoria..................................
London Chartered...............
E. S. & A. Bank....................
£900,000
820,000
500,000
247,560
500,000
400,000
Total................................., £3,367,560
SEPTEM BER
Australasia..............................,
Union.....................................
New South W a le s ...............
Victoria...................................
London Chartered.................. .
Oriental................................... .
E. S. & A. Bank.....................
0 £1,057,217
9 10
1
4
A.
R E C E N T E S T IM A T E D P O P U L A T IO N .
Whence derived.
Population according to census of April, 1854..
April to December, 1854: balance of arrivals
over departures, (unassisted)...................
January to September, 1855 : balance of arrivals
over departures, (unassisted)...................
Government immigrants, May, 1854, to September, 1855, inclusive...........
Total.........................
* With bonus equal to 10 per cent.
Total.
Males.
Females.
165,876
80,900
236,776
17,401
6,367
23,768
21,591
6,221
26,812
6,554
12,254
18,808
201,422
104,742
^306,164
f With bonus equal to 12 per cent.
t This is the total computed from information registered in various offices, but the deficiencies o f
the census may safely be set down (as they were, I believe, by the Californian authorities a year or
two ago) as about one-sixth. This addition would make the total population, with subsequent
births, amount to about 350,000.
426
Commerce and Resources o f Australia.
H.
COURSE OF EXCHANGE.
ON LONDON A T
Date.
1839.
January 1 1 ..
April
1 9 ..
October 2 3 ..
Novemb. 2 2 ..
1840.
January 4 . .
2 2 ..
March
2 3 ..
April
3 ..
August 1 7 ..
Decemb’r 1 ..
2 6 ..
1841.
May
1 7 ..
June
2 ..
August
3 ..
Septemb. 8 . .
Decemb. 1 4 ..
1842.
May
1 3 ..
3 1 ..
October 1 2 ..
1843.
March
2 ..
Septemb. 2 6 ..
Decemb. 1 4 ..
2 0 ..
1844.
March
1 2 ..
3 0 ..
August 3 0 ..
Novem.
6 ..
2 5 ..
Decem. 2 8 ..
1845.
Feb’ry
3 ..
April
2 5 ..
1846.
April
3 0 ..
Novem. 1 6 ..
1847.
Febr’y
8 ..
March
8 ..
1 0 ..
2 2 ..
1849.
Novemb. 2 2 ..
30
D A Y S ’ S IG H T ,
1
P E R CENT E X T R A F O R E V E R Y
30
DAYS.
B U Y IN G .
S E L L IN G .
B U Y IN G .
S E L L IN G .
Prem. Dis.
Per cent.
Prem. Dis.
Per cent.
Prem. Dis.
Per cent.
Prem. Dis.
Per cent.
1
3
3
5
i
.
Far
2
.
1
2
o
3
•
21
Par
i
Par
2
4
5
2
Par
2
Par
1
1
o
■
i
2*
H
Par
i
2
Par
Par
•
2
4
2
2
Par
1
1
2
3
1
Date.
1850.
August 1 9 ..
Septem.
2 ..
Novemb’r 1 8 ..
Decemb’r 9 ..
1851.
February 2 4 ..
March
1 ..
May
6 ..
Septem. 1 2 ..
1 9 ..
2 2 ..
October 1 0 ..
Novemb 7 . .
Decemb’r 8.-.
1 5 ..
1852.
January 1 3 ..
2 6 ..
February 6 ..
1 2 ..
March
2 ..
June
3 0 ..
J uly
6 ..
2 9 ..
October 2 5 ..
2
2
3
4
.
Par
Par
1
2
1
1
2
1
2
3
4
.
Par
1
Par
1
2
3
41
51
61
5
.
.
.
Par
61
71
8i
•
101
11
10
.
n
•
101
ii
12
10J
91
8
.
.
.
81
9
8
71
81
9
10
81
71
6
2*
1853.
January 1 0 ..
February 4 . .
2
7 ..
1
9 ..
1
March
1 8 ..
2
May
2 3 ..
4
June
3 ..
October 1 1 ..
1854.
21
February 6 ..
Par
March
2 1 ..
April
2 7 ..
1
Novemb. 2 . .
Par
Decemb. 1 1 ..
1855.
1
January 1 0 ..
2
February 3 ..
3
May
2 3 ..
2
June
1 1 ..
J uly
3 ..
1
October
2 ..
Par
3
4
6
41
2
1
2
.
1
Par
1
Par
1
6
8
7
6
2
1
Par
5
4
Par
1
1
H
2
1
3
1
2
1
.
.
.
.
i
Par
Par
.
•
2
5
3
4
3
2
1
2
3
2
1
Par
1
Par
1
Par
1
F.
AN ACCOUNT O F T H E
G O L D E X P O R T E D F R O M T H E C O L O N Y O F V I C T O R IA , B E T W E E N T H E
SEPTEM BER,
1854,
AND TH E
31ST
OCTOBER, 1 8 5 5 .
Quantity.
Month.
September, 1854 ................................
O ctober......................................
Novem ber...........................................
December ...........................................
£.
a. d.
173,280 12 4
82,211 9 0
103,668 3 20
282,711 6 8
Duly.
£.
s. d.
.....................
.....................
.....................
.....................
1S T
427
The Foreign Commerce o f Russia in 1854.
£.
January, 1855 ....................................
February..............................................
M arch..................................................
A p r il....................................................
M ay*....................................................
J u n e ....................................................
J u ly .....................................................
A u gu st................................................
September..........................................
October................................................
T ota l................................................
SUM M ARY
O F A M E R IC A N
V E SSE LS W H IC H
Porta.
Ships.
New Y ork.......................
Boston.............................
San Francisco.................
Other American p o rts..
Foreign ports..................
24
4
2
'
2
12
Total...........................
44
£.
1 st,
Tons.
16,169
1.559
2,321
1,127
12,978
34,154
A R R IV E D
AT
s.
d.
.....................
.....................
.....................
.....................
17,046 2 6
24,005 16 9
29,024 17 9
82 714 0 6
32,818 0 2
30,026 4 4
2,763,705 11 19
HAVE
BER
s. d.
180,917 7 19
162,172 11 0
132,163 6 4
320,906 1 6
136,368 15 18
192,046 4 12
232,198 6 0
261,711 7 0
262,642 19 0
240,208 5 0
165,635
T H IS
PORT
2
S IN C E
0
SEPTEM
1854.
Barks.
Tons.
Brigs.
Tons. Sch’nrs. Tons.
2
6
6
1
6
638
2,690
1,961
274
1,843
1
177
........................................
3
465
3
335
.
...
2
443
4
802
5 1,171
20
7,406
8
1,444
10
1,949
R E C A P IT U L A T IO N .
Vessels of all classes........................
82 | Gross tonnage..........................
44,953
Art, III.— TIIE FOREIGN COMMERCE OF RUSSIA IN 1851.
W e have received, from an official source, a statement of the foreign
Commerce of Russia in 1854, which we translate for the pages of the
Merchants' Magazine. Our correspondent at St. Petersburg writes us that
“ there is an earnest desire here to extend largely the direct trade between
the two countries, and the present time and disposition of the two nations,
seems especially favorable to so desirable an event, and for the establish
ment here (St. Petersburg) of American houses of reliable credit, especially
in the cotton trade.”
The tables of the foreign trade o f Russia in 1854 exhibit the following
general results:—
The foreign trade of Russia was interrupted in its usual course in 1854
by the war, but making allowance for the fact that in consequence of the
blockade of her ports, commercial intercourse with the European States
could only be carried on by land, the results are quite satisfactory.
TOTAL
TO TAL IM P O R T S.
EXPORTS.
To Europe—
From Europe—
fSilver rubles.
From Russia p ro p e r...........
Poland.......................
To Asia.................................
Finland...........................
44,906,535
9,518,659
15,601,827
331,587
65,337,681
70,358,608
* Duty at the rate of 2s. 6d. per ounce was levied from 1st May.
f The silver ruble is about 75 cents.—Ed. Mer. Mag.
Silver rubles.
44,075,497 Into Russia p rop er.............
Poland..........................
9,446,138
9,908,018 From A s ia ............................
1,908,028
Finland........................
428
The Commerce o f Russia in 1854.
E X P O R T O F C O IN , ( G O L D
IN
A N D S I L V E R ,)
IM P O R T O F
1854*
C O IN
AND
S I L V E R ,)
To Europe—
B U L L IO N , (G O L D
FROM
From Europe—
Silver rubles.
From Russia prop er.............
Poland.........................
To A s ia ..................................
8,597,912
855,217
8,051,867
Silver rubles.
Into Russia............................
Poland...........................
From A s ia ..............................
P R IN C IP A L
A R T IC L E S
EXPORTED
ARE
AS
O F M E R C H A N D IS E
5.921,454
282,759
97,137
6,301,850
12,004,496
THE
AN D
ABROAD.
THE
FOLLOW S.
IM P O R T S O F M E R C H A N D IS E W E R E
AS
FOLLOW S.
Cereals of all kinds, .sil. rub. 15,953,482 Raw sugar..................... pouds
W oods......................................
2,809,187 Olive oil....................................
Red leather (S ou fte).............
380,633 Coffee.......................................
Raw hides................................
286,153 Raw cotton .............................
1,480,038 Cotton thread.........................
Flax.............................. fpouds
H e m p ......................................
1,248,493 W o o l........................................
T a llo w .....................................
1,385,888 S ilk ..........................................
Ir o n ..........................................
435,502 Wines & other liquors.sil. rub.
Copper......................................
80,758 Fruits........................................
W o o l ........................................
632,669 Dyestuffs.................................
Potash......................................
8,197 Machines, models, and tools. .
Hogs’ bristles.........................
47,723 Cotton goods...........................
Hempseed & flaxseed, £Tchet.
“ ............................
1,292,724 Silk
Woolen “ ............................
ILinen
M ............................
988,320
412,206
237,487
1,635,554
110,314
83,701
13,433
6,577,796
2,569,029
2,909,507
494,824
3,229,144
3,275,464
826,347
699,813
T r a d e w it h F in l a n d . The exports of goods o f various kinds to Fin
land amounted to 1,908,028 rubles; the imports from thence, to 331,587
silver rubles.
Finland derives her supplies o f the cereals from Russia principally— the
total value of them exported to that country was 1,380,880 silver rubles.
The other chief exports were :—
T obacco...........................rubles
Linseed oil and oil of hemp___
T a llow ........................................
111,473
48,193
44,909
Potash............................ rubles
Salt m ea ts................................
Candles......................................
44,219
84,129
29,785
The principal articles o f Finland production, imported into Russia,
w ere:—
Cotton goods................... rubles
Iron castings and copper.........
153,300 I Furs..................................rubles
54,561 | Resin..........................................
35,100
6,680
TRADE WITH THE PROVINCES BEYOND THE CAUCASUS AND ON THE CAS
P IA N
SEA.
Owing to the war, and the consequent interruption of Commercial rela
tions with Europe and the Black Sea, trade beyond the Caucasus, in 1854,
was confined to Persia.
The total o f imports was 3,527,940 roubles; total o f exports, 504,395
roubles of silver. The principal articles o f Asiatic production imported
were cotton goods, 1,270,891 roubles; silks, 384,976 roubles; fruits,
347,415 roubles; and of European goods, the principal imports were su
* The export o f gold coin continued only until the Supreme Ukase o f 27th February, 1854, was
received at the custom-houses; silver coin has only been exported by ship-masters, carriers, and
passengers, in the quantities allowed by law.
f Poud equal 36 pounds.
X Tchetvert equal 5 bushels, equal 6 gallons.
The Commerce o f Russia in 1854.
429
gar in loaves, 234,111 roubles; cotton goods, 00,884 roubles. The chief
exports were silks, 114,063 roubles; metals, wrought and unwrought,
121,365 roubles; naphtha, 60,630 roubles; dye-stuffs, 41,414 roubles;
raw hides, 25,323 roubles; linen goods, 37,476 roubles; silk goods,
37,278 roubles; woolen goods, 17,568 roubles o f silver.
The value of goods imported at the port of Astrakhan was 1,046,322
roubles; the chief o f which were silks, 319,042 roubles; fruits, 216,216
roubles; raw cotton, 138,183 roubles; cotton thread, 61,484 roubles;
fish, 75,390 roubles; cotton goods, 57,124 roubles. Total value of goods
exported from Astrakhan was 543,126 silver roubles, the chief articles be
ing the various metals, crude and wrought.
TRADE ALONG THE FRONTIERS OF ORENBURG AND SIBERIA.
The total of imports amounted to 5,187,427 roubles; of exports to
3,220,359 roubles o f silver.
The principal imports were teas, ordinary and in cakes, from the west
ern provinces of China, particularly Semipalatuisk, 46,336 ponds, of the
value of 1,610,633 roubles; raw cotton and cotton thread, 818,638 rou
bles; cotton goods, 562,758 roubles; furs, 202,909 silver roubles; cattle
bought of the Kirghises, 1,143,839 roubles. There were exported cotton
goods of the value of 1,459,400 roubles; dressed skins and red leather,
294,586 roubles; cereals, 242,766 roubles; wrought metals, 157,132 rou
bles of silver.
T r a d e o f K ia k h t a .
The transactions by way of barter at Kiakhta
were quite satisfactory.
The total of goods taken by the Chinese in barter was 5,840,138 rou
bles, being woolens 2,500,499 roubles; cottons, 1,527,493 roubles; linen
goods, 159,988 roubles; jewelry, (gold and silver,) 994,621 roubles; furs,
247,996 roubles; dressed skins and red leather, 97,106 roubles; various
other goods, 312,435 roubles of silver.
There were taken from the Chinese in exchange 79,153i boxes o f ordi
nary tea, and 33,409 boxes of tea in cakes.
Of the teas received at Kiakhta, including what remained on hand of
the stock of 1853, 75,023 boxes o f ordinary tea, and 31,017 boxes o f tea
in cakes, paid the import duties, and were forwarded to the interior of
Russia.
The custom-house receipts at Kiakhta amounted to 2,862,370 silver
roubles.
M e r c a n t il e M a r in e .
The arrivals and clearances in 1854 were—
CLEARED.
A R R IV E D .
Vessels.
Vessels.
Ports o f the Baltic.....................
“
White Sea...............
“
South......................
“
Caspian Sea...........
473
685
1,183
181
Ports of the Baltic....................
“
WhiteS e a ..............
“
S ou th ....................
“
Caspian Sea...........
463
747
1,409
211
T o t a l....................................
2,522
T o ta l....................................
2,880
704
1,818 I In b a lla st....................................
129
With freigh t................................
In ballast......................................
TO T A L T O N N A G E E N T E R E D A N D C L E A R E D .
Lasts
.........
Entered. |
Cleared ^
226,774 j Lasts........................................
268,477
430
Guano, and the Guano T rad e:
D uties.
In 1854, the receipts were as follows:—
D U T IE S P R O P E R L Y SO C A L L E D — SUCH A S D U T IE S ON IM P O R T S A N D E X P O R T S , T O N N A G E D U TIES
ON Y E S S E L S A R R I V IN G A N D C L E A R I N G , IN C ID E N T A L R E C E IP T S , A N D O T H E R S .
Silver roubles. Copeks.
Duties for benefit of various cities..............................................
Excise on Crimean salt.....................................................................
Sinking fund for loans for construction of tfie Nicholas Bridge
on the Neva...................................................................................
Warehouse and storage duties....................................
Duties for benefit of the Odessa Lyceum....................................
T otal............................................................. ........................
18,442,028
390,171
347,301
39±
91^
71
141,097
195,630
23,158
22
10£
95
19,539,288
29
The custom-house receipts in the kingdom of Poland amounted in 1854
to 1,325,303 roubles 411 copeks of silver.
Art. I V. — G U A N O ,
IM P O R T 8 IN TO U N IT E D
STATES
S IN C E
AND
1850—
THE
GUANO
R E C E N T D IS C O V E R IE S IN A M E R IC A N S E A S — D I S P U T E 8 AS
T O G U A N O FO U N D ON D E S E R T A N D D E R E L I C T I S L E S — M R . W E B S T E R ’ S
M R. f il l m o r e ’ s d is a v o w a l — c o u r s e
I N T E R E S T S , BY T R E A T Y -M A K IN G
of
g o v e r n m e n t
P O W E R A N D IN F E D E R A L
A F E R T I L I Z E R — G U A N O OF C A R I B B E A N
S E A — V IO L A T I O N
E R N M E N T IN T H E C A S E O F “ S H E L T O N ’ S I S L E ’ ’ — L E T T E R
FERERS
FO R IN D E M N IT Y — P H IL A D E L P H IA
TRADE.
s in c e
LO BO S
IS L A N D
— past neglect
of
L E T T E R , AND
a g r ic u l t u r a l
L E G I S L A T IO N — IM P O R T A N C E OF
UANO A8
OF L A W S O F N A T IO N S B Y V E N E Z U E L A N GOV
O F V E N E Z U E L A N C O N S U L — C L A IM OF SU F
GUANO COM PANY, E T C .
The importance to this country o f guano, as an article of commerce,
will be appreciated by every intelligent merchant and ship-owner, after a
careful examination of the authentic statistical tables following this com
munication, showing the quantity imported into the United States since
June 30, 1850, and the invoice values thereof at the places of shipment,
therein given. The quantity imported since June 30, 1850, and to June
30, 1855, was 461,031 tons, which, according to the custom-house entries,
was valued in the aggregate at $1,494,058, averaging about $3 25 per
ton. The quantity imported into live o f the chief ports of the United
States in the two first quarters of the fiscal year o f 1856, (up to December
31, 1855,) it appears was 27,511 tons, entered as of the value of $111,089
— being an average of a little above $4 per ton. There are great variances
in the valuations at the different foreign ports or places from whence the
importations were made, and perhaps limited reliance only should be
placed upon them, as they are not generally based upon purchases, but
are arbitrarily fixed by masters of vessels, and arrived at by different modes
of estimation. Valuations of all importations should be made in harmony
with our tariff system, and therefore not include the cost of freight or in
surance from the foreign port to the United States; but guano being duty
free, consignees and officers o f the United States customs, as is usual in
respect to non-dutiable articles, attach little consequence to the valuations
stated in the manifest, invoices, hills of lading or entries. If the value of
the guano imported was so stated, insomuch as large quantities cost at the
place of shipment, nothing hut the expense of lading; and the highest ex
port duty of any government is, it is believed, $5 per to n ; the average of
Guafto, and the Guano Trade.
431
the custom-house reports would not perhaps exceed $3 per ton. Adding
the expense of sending vessels out for it, and freight and insurance to the
United States, the cost might perhaps average 8 15 per ton. But regard
ing the price that guano will command in our. markets as the criterion—
in other words, adopting the “ home valuation rule ”— the average value
of all of our importations of guano since June 30, 1850, may he estimated
at 830 per ton. Under such rule, the quantity above stated as imported
from June 30, 1850, to June 30, 1855, would be valued at 113,830,930,
and the value of the imports into Boston, New York, Philadelphia, Balti
more, and New Orleans, in the first and second quarters o f the fiscal year
of 1850, would be 1895,330. It should be stated, however, that the mar
ket value of first-class guano since 1850 has been, in the United States,
not less than 845 per to n ; some o f very superior quality has commanded
a much higher price. W e have not heard of any that should have been
regarded as a marketable article being honestly sold for less than 825, and
that of middling or ordinary quality, has usually brought from 830 to |35
per ton.
Until within a few months past, the Peruvian guano has generally been
esteemed to be the most valuable. It has been alleged— and the allega
tion has been generally received as correct, though made by interested
parties— that most other guano is, from various causes, inferior to i t ; and
particularly that guano gathered in regions where frequent and heavy
rains prevail, is injured thereby.
Careful scientific analyses and prac
tical experience have exploded this notion ; and it is now generally con
ceded that the guano o f the Gulf of Mexico and the Caribbean Sea, if
gathered with care and skill, is equal to the Peruvian and African guano
in most of their useful qualities, and is in some respects superior to them,
and all other guano, wherever gathered.
Large quantities of good guano, it is said, have recently been discovered
on some of the Florida Keys, and on the scattered desert keys on or near
the Bahama Banks, and near to the coasts of Cuba. If this be true, the
planters and farmers of the United States contiguous to the Atlantic sea
board and Gulf coast, may be hereafter abundantly supplied with this un
surpassed fertilizer from these sources, and from the uninhabited rock
islands of the Caribbean Sea, and in the Gulf of Mexico, and on the east
ern coasts of this continent south of the Gulf; and such supply may be
obtained at reasonable prices, and they may therefore cease to look exclu
sively to the Pacific for it.
The controversy that some years since threatened to arise with Peru in
relation to the Lobos Guano Islands in the Pacific, and particularly the
famous letter of Mr. Webster, whilst Secretary of State, in relation to these
islands, and which it was subsequently alleged was written without the
authority or knowledge of President Fillmore, cannot have been forgotten
by our readers. Some o f our most intelligent statesmen then advanced
the opinion, that Mr. Webster could have successfully established the al
legations of fact in that letter; and also have sustained the positions of
law assumed by him, by reference to the undoubted principles o f national
law, as laid down in the most approved authorities ; and there are those
who yet contend that the views suggested by Mr. Webster were not only
correct, but that the importance of the subject to the agriculturists o f the
United States, and to the commercial and navigating interests, and like
wise the grave character of the questions of right involved, ought to have
432
Guano, and (he Guano Trade.
prevented the abandonment of those views, and that the honor and dignity
of the conntry demanded their maintenance in that case; and they con
tend also that anterior facts which have transpired since Mr. Webster’s
decease, and subsequent occurrences, have confirmed the soundness, and
statesman-like sagacity, and wisdom of his course.
W e are not fully advised of the final action of the federal executive
authorities at Washington, in reference to the negotiations said to have
been concluded by our diplomatic agents with some of the States south of
us, on the western shores of this continent, and of South America, having
in view the securing to the agriculturists of the United States the use of
the guano deposits on islands in the Pacific claimed by such States. Our
important interests in this respect ought not to be overlooked. In refer
ence to some of the Pacific Guano Islands, we noticed a few days since in
one of the daily papers of New York the following statement, apparently
based on authentic information:—
“ THE NEWLY DISCOVERED GUANO ISLANDS.
“ The last California mail brings advices of the sailing of the United States
frigate Independence, Commodore Mervine, from San Francisco, for the purpose
of visiting the Guano Islands claimed by Mr. Benson’s American Guano Com
pany, and of asserting and protecting their title thereto, if said islands are found
to be derelict, as is believed to be the case. There is no estimating the value of
this discovery to American agriculture, if it turns out one-half as well as is antici
pated.”— New York Daily Times, Feb. 18, 1856.
If this information be true, it is evidence that the present Executive, in
this case, duly appreciates and allows just influence to the deep interest
that the planters and farmers contiguous to our Atlantic and Gulf coasts
and those on the Pacific coasts, have in the subject.
It is to be lamented that with respect to guano, as well as most new
and popular articles of commerce, the credulous and sanguine, and there
fore visionary— and occasionally gentlemen of eminent abilities, high at
tainments, and irreproachable reputation, have such weakness— are likely
to be duped and imposed upon by plausible and designing speculators;
and even those “ having the government in charge,” are sometimes hum
bugged aud led astray by schemers in such matters ; but that they may
have committed one, or even two or three palpable mistakes of such char
acter, is a poor excuse for remissness in subsequent cases, wherein it is
quite plain that “ inactivity” cannot be “ masterly.” If the ghost o f for
mer blunders should so haunt and frighten our statesmen from the fulfill
ment of manifest duties, unless frequent changes are made, “ the wheels
of government ” must “ stop.” Sensitiveness as to past errors— even if
they were but venial faults— is certainly creditable, and it should be cher
ished as evincing ambition to be regarded as always acting right, which
is the next thing to acting rig h t; but it becomes a defect in its possessor,
and injurious to society, and, if a public functionary, to the government,
when it deters from all action, lest, perchance, a repetition o f former errors
may cause blame. That former mistakes ought to induce caution, is ad
mitted, and when they teach wisdom to those who have committed them,
they may be beneficial. “ Experientia docit,” dr. But a firm, decided, and
just man, knowing himself and his ov7n ability, and his patriotic and
worthy purposes, and especially if o f a philosophic turn of mind, will
not repine or become faint-hearted, by reflection upon his by-gone errors,
but will be prompted, stimulated, and quickened thereby to increased ef
Guano, and the Guano Trade.
433
forts to atone for them, by retrieving them. The consciously timid, weak,
and indecisive, who lacks confidence in his own judgment, and whose re
solution melts by a sickening apprehension o f falling into a blunder,
because of a previous stumble, may be deterred from vigilant and ener
getic efforts to attain a beneficial object, relating to the same subject; but
none else. Past failures do not discourage a true man ; on the contrary,
they but excite and arouse him. One of the great Napoleon’s ablest Mar
shals said, “ the best poultice for the sore o f a defeat, is victory over the
same enemy.”
Richelieu’s oft-quoted" saying was, “ in the lexicon of
youth (and he might have added, as his own illustrious example in his old
age proved, in that o f a truly great man, whilst he has life,) there is no
such word as fa il / ” and our own Harry of the West, has left his country
men the memorable advice, “ Don’t throw away a good rifle for missing
once or twice, or even thrice, but pick the flint, and try it again.”
W e may here properly observe, that whilst commerce and manufac
tures, the army and navy, the indians, the coast survey, the naval observa
tory, the military academy, and the naval academy, steam, and patent
fire-arms, great and small, and the arts and sciences generally, and not ex
cepting also claims against the federal government of all kinds, and the
several Pacific railroad projects, ought to have their due share of executive
and legislative attention and legitimate “ protection,” yet they ought not,
nor should unprofitable discussions of theoretic and abstract questions of
national law, or of political ethics, or of matters not involving any prac
tical issues, or especially o f the abhorrent topics of slavery and anti-slavery,
or the monomaniac and demoniac themes of secession and disunion, be al
lowed to exclude altogether, and forever, all consideration o f the hereto
fore habitually neglected Agricultural interests of the country, by every
branch of the federal government.
It is true, President Fillmore, in his Annual Message in December, 1850,
alluded to the past neglect of the federal government of the agricultural
industry of the country in appropriate language, and referred to the sug
gestions of Washington on the subject; but the practical measure pro
posed was merely the fashionable empirical panacea for “ all the ills the
state is heir to,” namely, the creation of another governmental establish
ment at the federal metropolis, in this instance with the taking title of
“ The Agricultural Bureau,” and authorizing sundry additional officers,
with increased salaries to those now paid the clerks in the Patent Office
for annually compiling the jumble of letters and other papers constituting
what is called the “ Agricultural part of the Patent Office Report.” The
committees on agriculture of the houses of congress rarely convene, and
are practically defunct. They have not even discovered any “ red tape
routine duties” to keep them alive. It is doubted if the spiritual rappers
could elicit from either a “ manifestation ” or “ report,” as evidence that
they ever existed.
A liberal and generous indulgence should ever be extended to those
who pursue the business o f “ serving their country,” in reference to the in
dispensable devotion of a considerable portion o f their time, attention, and
care to partisan politics, and to the devising and carrying out of schemes
to o&tain or retain political office and power, and thereby enable them to
be useful in the trade or profession of a patriot. But we would suggest
to our public men, that the adoption by a gentleman of abilities and fair
standing “ in political life,” even if a lawyer, of the cognomination of the
VOL.
xxxiv.— n o . iv.
28
434
Guano, and the Guano Trade.
“ F a r m e r S t a t e s m a n ,” and his bold avowal that he intended to become the
champion of the agricultural interests, at all times and on all occasions,
and against every other, when they came in conflict, and the honest and
faithful maintenance o f such character, and the securing for those interests
more impartial and just consideration than has heretofore been bestowed
upon them, would most assuredly win for him, a widely extended and an
abiding and profitable popularity, and enduring fame.
The federal government of the United States, in the exercise of those
of its functions which bring it into contact with foreign governments, has
rarely been called upon to claim indemnity for the spoliation of the prop
erty of an agriculturist of the United States, or to demand redress for an
outrage upon the person o f an American Planter or Farmer. Most of such
cases have been of citizens engaged in navigation or commerce. So also
citizens connected with manufacturing interests and with certain mechan
ical interests, have been found, as well as those concerned in navigation
and commerce, seeking aid and protection from congressional legislation
— and even in disregard o f the just and equal rights of the planter and
farmer, and their applications have too frequently met with favorable success.
The Husbandmen of the United States have not often been suitors for fed
eral favor, and little encouragement has been given to them to become so,
though they are the principal consumers and chief tax payers to the fed
eral and State governments.
But it has happened again and again— from the date of the memorable
treaty with the British Crown, concluded by Mr. Jay in P794 ; down to the
so-called “ Reciprocity Treaty,” respecting the trade with the British North
American colonies and the fisheries, concluded in 1854 with the same
Crown— that the federal government has, in the exercise o f its treatymaking power, and also of its legislative power, had the protection of im
portant agricultural interests of the country intrusted to it; and it is be
lieved no instance can be cited in which it has hesitated to agree to
measures for the advancement and favor of the navigating, commercial,
and manufacturing interests, at the expense o f the Agricultural industry of
the country ! Like the chosen firstlings of the flocks o f the Israelites, the
Planters and Farmers are invariably selected as the victims for sacrifice!
And the American Planters and Farmers have, with patriotic unselfishness,
in every case quietly acquiesced. The farming interests and the lumber
interests, of the West and Northwest particularly, hut in fact of all the
Atlantic States, liberally yielded to that portion of the union, and to the
other interests benefited by the Reciprocity Treaty, the objection they
might well have advanced, that its stipulations allowed the colonial farm
ers and lumbermen to compete with them, not only in our own, but in
foreign markets, which without these stipulations the colonists could not
do. And so likewise, whilst for years past our executive messages, diplo
matic correspondence, congressional debates— not to mention the newspa
pers, city and country— have teemed with all sorts and kinds of fustian
and flummery respecting Cuba and its apprehended “ Africanization,” and
the alleged sole preventive, “ A n n e x a t i o n a n d whilst several quite re
spectable quarrels have been well nigh got up between the United States
and Spain, and it is said also, with France and England ; yet the reduction
of the import duty of some $9 or $10 per barrel on American flour sent
to Cuba or to Porto Rico, has not been energetically attempted and in
sisted upon, and proper measures adopted to effect such reduction, by any
administration.
Guano, and the Guano Trade.
435
W e shall hereafter know whether the future course o f the federal gov
ernment in relation to the guano trade, and its vigilance to obtain and se
cure it, for the benefit of the Agriculturists of the United States, and to pro
mote it, may enable us justly to exonerate it from the charge of a disre
gard of, and inertness in reference to, our Agricultural interests, justified
by the history of past administrations. British newspapers and peri
odicals have boasted that by the encouragement of the British government
to the guano trade, (and parliamentary attention was given to it.,) “ John
Bull has caught Brother Jonathan napping in this new article o f traffic,”
even in American seas, and that the British farmer has thereby reaped
great benefits. The British statesmen certainly have, on this subject, dis
played sagacity, watchfulness, and vigilance. Intelligent British farmers,
and agricultural chemists, and writers on agricultural subjects, have been
foremost in developing the valuable qualities of guano, and in bringing it
into general use. W e are but following them, and profiting by their ex
perience. Justus Liebig, the distinguished German chemist, says, upon
the uses and value of guano, that its fertilizing qualities render every 100
pounds of good guano equal to 800 pounds of wheat. The astonishing
results produced by its use, in the resuscitation o f worn-out lands in our
middle Atlantic States, established by the testimony o f practical farmers
of the highest respectability, fully attest its great value.
Since guano has become an important article o f Commerce, our navi
gators and merchants disposed to engage in the procuring of it, on this
side of the continent, have encountered difficulties with the States and
governments having possessions south of the United States, as to guano
deposits on islands in the West India and other American seas. Mexico,
several months ago, expelled by military force all foreigners gathering
guano from the extensive range of uninhabited and uninhabitable keys,
called the Alacranes, in the Gulf o f Mexico, lying about 75 miles north of
the coast of Yucatan.
But the most noted case, and the one involving the most important
principles, is that of Shelton’s Isle, in the Caribbean Sea. This isle is a
desert, desolate rock, and is situate in north latitude 15° 40', and west
longitude from Greenwich 63° 38', and is above 4,000 feet in length and
from 350 to 450 feet in breadth, and emerges some thirty feet above the
level of the sea. It is between 400 and 500 miles north from the nearest
point of the Venezuelan coast, and about 350 miles northeast from the
Leeward Aves Islands, also claimed by Venezuela, and at least 275 miles
north from the nearest admitted possessions of that republic. It is about
147 miles southwest from the French island of Guadaloupe; about 170
miles southeast from the Danish island of St. Thomas; about 115 miles
south from the Dutch island of St. Eustatia; about 120 miles southwest
from the British island of St. Kitts; and about 175 miles southeast from
the Spanish island of Porto Rico. When landed upon and explored by
Captain Gibbs, in March, 1854, as hereafter stated, it is estimated that
there was at least two hundred thousand tons of good guano upon it.
In the winter of 1854, a Mr. Shelton, an enterprising Boston merchant,
fitted out and dispatched several vessels for the discovery of guano in the
Gulf of Mexico, and the West India seas. In March of the same year one
of these vessels, the brig John R. Dow, Captain Nathan P. Gibbs, discov
ered the guano deposit on Shelton’s Is’e, (before then called Aves, or
Bird Island,) having landed upon the island and explored it thoroughly.
436
Guano, and the Guano Trade.
After taking formal possession of it, he forthwith returned to Boston, and
reported his favorable success to Mr. Shelton. Mr. S., and friends inter
ested with him, and likewise some others who had obtained imforination
of Capt. Gibbs’s discovery, immediately dispatched several vessels to the
island, to obtain cargoes of guano. Some o f the vessels arrived there early
in June, 1854, and others a short time later, and all commenced taking
the guano, and sending cargoes to Europe, to the United States, and else
where. A large number of laborers were sent to the island, with necessary
mechanical tools, and with lumber and other materials. They had imple
ments and vehicles, wherewith to gather and lade the guano on board the
vessels. Some who wTent thither were accompanied by their wives and
families. Wharves were built, tenements erected for dwellings and for
provision stores, and cisterns for water, and fences made, and a “ Liberty
Pole ” raised, whereon was hoisted and kept flying the “ Stars and Stripes,”
in token of its being a “ Yankee settlement.”
All the provisions, water,
and lumber used, were carried to the island, as none could be procured
there. Artillery and small arms were provided to repel piratical assaults,
or any unauthorized by an acknowledged government. The Bostonians
continued in the peaceful, undisturbed occupation o f Shelton’s Isle, taking
away guano, till December, 1854.
Early in December, 1854, the Venezuelan government sent a vessel of
war, and troops, under the command of an officer of the navy o f that re
public, and dispossessed Mr. Shelton’s party, and the other Americans upon
the island. The Venezuelan officer, a Captain Dias, struck the United
States flag, and hoisted the Venezuelan in its stead, firing a salute to the
latter, in performing which exploit one o f his soldiers was killed. Capt.
D., acting under the authority of the Venezuelan government, peremptor
ily ordered Capt. Gibbs, and all the Americans on the island, to leave it,
and to take their vessels oft'; but apprehensive that their resistance might
leave him the conquered instead of the conqueror, artfully drew up and
gave to Capt. Gibbs a paper in the Spanish language, (and signed by him
self only,) and which he caused to be interpreted to Capt. G., (who was
unacquainted with Spanish,) as an agreement on both sides to prevent hos
tilities, and as a permit by Dias to allow the lading of the American ves
sels then at the island, free of charge, and without molestation, he receiv
ing some provisions of which his troops were in need ; and thereupon he
went for reinforcements to Venezuela. In about a fortnight reinforcements
arrived, when Dias immediately ordered all the Americans and their ves
sels to depart forthwith, though some of the vessels had not taken on
board any cargo, and others were but partly laden. He took possession
of their houses, and wharves, and implements, and tools, and vehicles, and
o f their artillery and small arms, and provisions, and water on the island,
at the point o f the bayonet. The Americans, so expelled, returned to the
United States, and in January, 1855, Mr. Shelton and others forthwith ap
pealed to President Pierce and Secretary Marcv for their official interpo
sition, to obtain redress from the Venezuelan government.
Upon presentation of the claim at Carracas, under the instructions of
the United States Secretary o f State, the Venezuelan officials produced
Dias’s copy of the Spanish paper as above stated, and which copy it ap
peared he had procured to be signed by Capt. Gibbs and another Ameri
can at the island, and on being translated, it turned out to be a regular
formal military Capitulation o f the island, and of the artillery and provis
Guano, and the Guano Trade.
437
ions, & c, and an acknowledgement that the isle belonged to Venezuela,
and an agreement that the American party would aid him (Captain Dias)
in maintaining the Venezuelan authority there. The cool self-complacency
with which such paper is presented as an estoppel; a paper obtained by
military duress, combined with trick and fraud, from an agent not author
ized to sign, or to give or to take i t ; not empowered to make the ad
missions of title and relinquishments it contained; and when such agent, if
such paper was knowingly and voluntarily given by him, must have
sought by it to destroy the rights and interests he was delegated to
protect and maintain; and when it is considered that especially Capt. G.
was not competent to compromise the national rights of the United States
enuring from the discovery of the guano, and possession o f the island by
its citizens ; the presentation of such defense ; exhibits certainly a rare com
pound of diplomatic effrontery and stupidity.
Prior to the visit o f Capt. Gibbs to Shelton’s Isle, in March, 1854, it
had been often touched at by Danish, French, Dutch, Spanish, and Eng
lish vessels, both public and merchant vessels; but no nation had ever o c
cupied it, or even claimed it. If any person had temporarily inhabited it,
it had long been abandoned and was derelict. Of the valid and just right,
under the laws of the nations, of the United States, and of Mr. Shelton,
one o f its citizens, whose agents, also citizens, landed upon it and took
possession of it, whilst derelict; so to do ; and to retain such possession
against the world, there can be no question. This principle is well settled,
and has been acted upon in numerous cases, by ditferent nations. And
therefore it is clear, that the Venezuelan government are bound to make
exemplary atonement for this outrage upon Mr. Shelton’s rights, and should
be compelled to yield, and to yield promptly, to him, full indemnification
for all the damages he has sustained, and to restore the island to him, and
to pay for any deterioration in value sustained since his eviction, either by
the abstraction of guano therefrom, or otherwise. Indeed, as this tortious
eviction of citizens o f the United States was perpetrated by Venezuela,
without first making inquiry or giving notice to the government of the
United States of such plirpose ; such restoration to the status quo ante, ac
cording to the practice of other nations, may be demanded as &prelimin
ary to negotiations on the subject, and as the first step towards atonement
for the insult, as well as the spoliation. W e are informed that President
Pierce has probably directed immediate and diligent attention to this busi
ness ; and we are also advised that the parties but await advices from
Carracas, to present an application to Congress, if necessary, to effect the
speedy adjustment and payment by Venezuela, of their just demands, and
for legislative aid, to enable the executive to quicken and strengthen its
action. The outrage was perpetrated by Venezuela upwards of fourteen
months ago, and longer forbearance to that government is grievous injus
tice to our own citizens claiming their rightful indemnity.
Some, disposed to sustain the Venezuelan officials, we learn, would fain
complicate this case, by urging that about the time of the ejection of Mr.
Shelton, or soon after, the Venezuelan government, with the knowledge of
that of the United States, granted to an association, composed chiefly of
citizens of the United States resident in Philadelphia, and with whom, it is
said, many of the Venezuelan officials were connected, the exclusive right
to take guano from all the islands pertaining to Venezuela, on its coasts or
in the Caribbean Sea, and including Aves, or Bird Island, now called Shel
438
Guano , and the Guano Trade.
ton’s Isle, in consideration of a “ royalty,” or duty, on the guano, of about
$5 per ton, to be paid upon exportation. They insist that the silence of the
government of the United States, as to this arrangement with its cit
izens, was an acquiescence in, if not a tacit admission of the righfulness
of, the claim of Venezuela to the islands and guano! They say further,
that this contract being annulled by reason of the non-payment of a cer
tain draft on the association for about $>200,000, being a promised advance
on account of such “ royalty,” a new contract was entered into by the
Venezuelan government, with the knowledge of that of the United States,
and in part through the good offices of its functionaries, in the summer of
1855, several months subsequent to the eviction of Mr. Shelton, and after
his application for indemnity therefor. This new contract was made with
an association composed of most of those citizens of the United States in
terested in the first association, and it is said many of the new Venezuelan
officials; and it had been incorporated in April, 1855, by the Pennsylvania
Legislature, and called the “ Philadelphia Guano Company.” This last
contract is similar in its stipulations to the first, except that the large ad
vance is made payable in several instalments, succeeding each other every
sixty days, and the last o f which is thus extended to several months. They
insist that a higher than a merely tacit assent to, and approval of this con
tract by the United States, was made, and that it thus admitted the right
of Venezuela to the island and guano 1 It is said, also, that this new con
tract contains the extraordinary provision, that in case the claim of Vene
zuela to the island should be decided to be untenable, the company shall
make no reclamation upon her on account thereof. W e do not understand
that the State Department concedes the correctness of the statements
above recited, and on the contrary we learn that it has not been supposed
at the Department that the last contract does include or relate to Shelton’s
Isle. W e have no idea that the President has been in fault, or that a
statesman, so distinguished as is the present Secretary of State for ability
and acumen, would in any wise, however remotely, have sanctioned or
permitted any proceeding that could in any degree have operated injuri
ously, or embarrassed a just claim, intrusted by the laws to his charge and
prosecution, and we do not doubt that his course has been unexception
able.
That the Venezuelan government and the “ Philadelphia Guano Company”
regard this case as we have stated, is however fully established by a notice
published in the New York Herald, of the 5th of January, I860, and a
correspondence between an eminent merchant of New York and the Venezuelan Consul at Philadelphia, (who is a director of said company,) which we
append in a note hereto ;* and besides this, it is notorious that from the
time Mr. Shelton’s party was driven from the island by Venezuela in De* O f f i c e o f t h e P h i l a d e l p h i a G u a n o C o m p a n y , P h i l a d e l p h i a , December 24, J855.
The Philadelphia Guano Company having, by virtue o f a contract made with the gov
ernment of the Republic of Venezuela, secured the possession and exclusive right to remove the
guano deposits existing on all the islands belonging to, and under the jurisdiction of, the said re
public, hereby give notice that no person or persons, other than agents o f the said company, can
lawfully remove guano from any of the said islands, and that all cargoes taken therefrom without a
permit from the company, duly signed and sealed with the corporate seal thereof, will be claimed
by them on arrival at any o f the ports o f the United states or Europe, and legal proceedings will be
immediately instituted for the recovery of the property so taken, in whose hands soever it may be
found.
By order of the Board o f Directors,
D. LUTHER, President.
Agent in New York, J am es L ee & Co., 49 Wall-street.
N otice.
Guano, and the Guano Trade.
439
<;ember, 1854, up to this time, the officials of that republic have exercised
and maintained full possession, and kept a military garrison and a custom
house there, and they have been actively engaged, and since the last con
tract the Philadelphia Guano Company also, in “ skinning” the island of
guano, and sending cargoes to Europe, to the United States, and elsewhere.
Mr. Robert Bell, of Liverpool, England, is one of the agents o f the com
pany abroad. A fleet of several vessels was, we learn, recently dispatched
to the Caribbean Sea by the company, and at least twelve sail were, but a
few days since, ice-bound in the Chesapeake, laden with guano from Shel
ton’s Isle, and other islands there. Within a few days a fast-sailing
schooner of about 170 tons, well equipped and supplied with cannon,
small arms, and ammunition, and manned b}'' a large crew, sailed from New
York to Laguayra to be employed by Venezuela and the Guano Company
in the enforcement of their claim to the exclusive use of the guano on the
desert islands in that sea.
It may be well to note that the British Representative at Carracas form
ally protested against the last contract above mentioned in behalf of his
government.
This act was in perfect keeping with the uniform course of
that selfish, envious, jealous, and arrogant power to intermeddle in all
cases and on all occasions in the affairs and business of the United States
and its citizens, whenever it can discover a reasonable prospect o f sowing
C o n s u l a t e o f t h e R e p u b l i c o f V e n e z u e l a , P h i l a d e l p h i a , December 19,1855.
Captains and shipowners are hereby notified that there being no ports o f entry opened to foreign
Commerce in any of the Caribbean Islands under the jurisdiction ol the Republic o f Venezuela,
with the single exception of iliat of the island of Margaretta, ail vessels found touching at any o f the
guano islands, except those having a permit from the Philadelphia Guano Company, duly authenti
cated, will be seized, aud held liable lor the penalty provided lor a violation o f the navigation laws
o f ihe republic.
JOSE J. KEEFE, Consul*
To
Esq., Consul of Venezuela.—
41 S o u t h - s t r e e t , N e w Y o r k , January 10, 1856.
S ir : —A few days ago I saw a notice in the Herald o f this city, signed by yourself and the officers
o f a guano company in Philadelphia, about the guano islands of the Caribbean Sea under the juris
diction o f your government. Propositions having been made to me to send a vessel forthwith to
what is called Shelton’s Island, or Aves, or Bird Island, in that sea, for guano, under authority o f
Mr. P. S. Shelton, o f Boston, and fearing that the island he claims may possibly be included in your
notice, and desirous to avoid difficulty before dispatching the vessel, l would respectfully request
you to inform me if your governmeut and the Philadelphia Guano Company claim said island, or
exerci e jurisdiction over it or the guano upon it, and whether there is any objection to my going
there under Mr. Shelton's authority. I have just been informed that the Venezuelan government
have a garrison there, and that the Philadelphia Company were engaged in shipping the guano from
it. If so, please inform me, and also what price per ton the Philadelphia Company, or your govern
ment, charge for guano collected on it or other islands.
Be good enough to give me an answer by return mail, if possible.
Respectfully yours,
MOSES TAYLOR.
Jose J. K eefe,
C o n s u l a t e o f t h e R e p u b l i c o f V e n e z u e l a , P h i l a d e l p h i a , January 12, 1856.
D e a r S i r : — l have received your favor of the 1 1th inst., aud noted its contents, and in reply beg
to inform you that the island o f Aves, or Bird Island, o f which you write, is in the possession and
tinder tne jurisdic ion of the Republic of Venezuela, and has a military force upon it sufficiently
large to protect it from any depredations. No vessels are permitted to touch at it other than those
sent thither by authority ofthe Philadelphia Guano Company, who have ratified a contract with my
government, granting them the sole right to remove the guano deposits from said island, and all
other* in the Caribbean Sea belonging to Venezuela. Under these circumstances, and in view of
the official notifica ions given at the instance o f my government, I should deem it very injudicious
and extremely hazardous on the part o f any person to dispatch a vessel to the island referred to, or
to any of them, without a proper authorization first being obtained, as all vessels found touching at
the guano islands, without a duty authenticated permit from the company here, will be seized and
held liable for the penalty fixed lor a violation o f the navigation laws o f the republic, there being
no ports o f entry for foreign commerce at any o f the guano islands.
The Philadelphia Guano Company are engaged shipping guano from Bird Island, and have a large
number o f laborers upon it. I am not able, at this tunc, to inform you as to the price charged by
the company for guano, but I presume Messrs. James Lee & Co . of your cPy, can, as they are agents
for the company. The government of Venezuela has nothing to do with the sale o f the article, nor
will it until the term shall have expired for which the contract is to endure.
1 am, dear sir, very respectfully,
JOSE J. KEEFE.
M o s e s T a y l o r , Esq.
440
Guano, and the Guano Trade.
the seeds of future trouble to us, by such interference. Whatever objec
tions might be urged against such contract by the federal government of
the United States, or by Mr. Shelton, growing out of the circumstances
above referred to, the affair does not concern the British government. It
is “ none o f its business,” and its interposition is simply officious imperti
nence, which, if committed by an individual respecting his neighbor’s af
fairs, would merit a tweak of his nose, as an appropriate punishment for
intruding it into other people’s matters. But it is o f a piece with the whole
conduct of the British government and its agents, at the Sandwich Islands,
in Mexico, in Peru, in Chili, in Equador, in Costa Rica, in Buenos Ayres,
in Central America, in Ilayti, at Berlin, Madrid, about Cuba, and in fact
everywhere, and respecting everything, relating to the United States.
W e learn that the claims of Mr. Shelton and Messrs. Sampson & Tappan,
o f Boston, who were interested with him, as preferred by them to the
State Department, amount to $341,000, The quantity of good guano
left on the island at the time o f their being evicted in December, 1854,
has been variously estimated. The lowest estimate made, it is said, is
made by them in their account filed in the Department, and is 50,000
tons, and they have asked compensation for one-half only— 25,000 tons—
at the price of $12 50 per ton, (estimated nett profits,) making $3 12,500.
They have claimed for false freights and charter-parties of the vessels em
ployed by them, and forfeited, &c., and by their being ejected from the island,
and damages thereby $20,000, and for their houses, implements, launches,
wharves, &c., taken by Venezuela, $8,500— making the aggregate above
stated.
All these items appear reasonable. The valuation of the guano at the
island, looking to the expenses of sending vessels to the islands, and of
lading and freight, and considering that Mr. Shelton had already incurred
most of these expenses, and was ready to lade his vessels, would seem to
be low-. Such profit would certainly be made in the United States if the
guano sold at from $25 to $40, or even at the first specified price; and
these are the prices stated by the Philadelphia Company. The expenses
incurred incident to the voyage o f discovery may rightfully be included in
the estimate of the damages. It should be borne in mind, that generally,
vessels carrying guano are compelled to go to the island in ballast. That
the Venezuelan government receives but $5 per ton “ royalty” for the guano
taken by the Philadelphia Company, is not a criterion of estimate. That
is a highly advantageous contract for the company, and Mr. Shelton is not
bound, by any principle o f law or justice, by such contract, based on a
usurpation of his rights, and spoliation of his property, nor should he be
limited to the price the despoilers fixed upon it. With respect to the
good quality of the guano, the Philadelphia Company have given conclu
sive testimony, in a pamphet recently published by its directors, one of
whom is the Venezuelan consul at Philadelphia.
W e have deemed the guano trade and the course of the United States
government in reference to it, and especially the “ Shelton’s Isle” case, as
worthy the extended and especial notice now given it. W e have been
allowed by the counsel of Mr. Shelton access to the correspondence, proofs,
and documents, in the case, from which the foregoing statement has been
compiled. The progress of this case will, we are satisfied, be looked to by
all classes of our readers with attention and interest; for every Citizen of
the United States, is concerned that whenever any foreign power perpe
441
Commerce o f the United States.
trates a wrong upon any one also rightfully claiming that title, the federal
government should promptly require the aggressor to make meet atone
ment.
That our government will compel Venezuela to do justice to our citi
zens whose rights have been despoiled, we have an earnest hope, and we
will add also, that cherishing a “ generous confidence” in those who ad
minister the government, we are “ w i t h o u t d o u b t .”
e . r . b.
Art. V.— COMMERCE
OF T H E U N I T E D S T A T E S .
NUMBER
W E S T I NDIA. A N D
OTHER
XXIV.
T R A D E — SL A VE T R A D E — F I S H E R IE S — FUR T R A D E — T R A D E IN
TICLES— T H E W E S T — Fa PER-MONKV, ETC.
VARIOUS A R
W e will now refer to the condition and progress o f several interests
connected with colonial Commerce, which have been deferred for the pur
pose of giving a continuous narrative of the commercial difiiculties of this
period.
W est I ndia T r a d e . The exports from the several British W est India
islands to the North American colonies, were, for the year 1770, of the
following amounts:—
Jamaica.......................
Antigua.......................................
St. Christophers.......................
Nevis............................................
St. Vincents................................
Anguilla......................................
Grenada.....................................
£146,324
85,551
69,794
14,155
13,375
2,057
51,061
Barbadoes..................................
Montserrat..............................
Virgin Islands .......................
Dominica....................................
£119,828
12,633
10,183
16,496
Total...............................
£481,407
The exports from the same places to Great Britain and Ireland, were, for
the same year, £8-,279,204, and to all other places, £3,257. From Ja
maica, in 1768, the continental colonies received 201,960 gallons molasses,
1,580 hhds. sugar, 4,424 puncheons of rum, 50,400 pounds cotton, 2,712
hags coffee, and 424,080 feet of mahogany. In Newport, alone, the West
India trade supported 22 distilleries and 3 sugar refineries.
The trade of the North Americans with the foreign W est Indies was
somewhat obstructed at this time, as well by the acts of foreign powers as
those of England. The French, in 1767, prohibited all British vessels
from entering Guadaloupe and Martinico, and seized two North American
vessels found there, loaded with beef, pork, flour, &c., although the inhab
itants of those islands were at the time greatly distressed for want of such
articles. The Spaniards also showed some hostile disposition by contract
ing the time for British vessels to remain at Monte Cristo to twenty-four
hours, and by disturbing the logwood cutters at Spiritu Santo.
C entral A m e ric a n T r a d e . Although the British government had
agreed, by the treaty of 1763, to abandon the Mosquito Coast, the trading
settlements there were still maintained, and there were, in 1770, on that
coast, 1,400 British subjects, exclusive of Indians. Their trade was with
Jamaica and, both directly’ and through this island, with the northern col
onies. The commodities for this Commerce, furnished mainly by the In
dians, were mahogany7, o f which about 700,000 feet were annually ex
442
, Commerce o f the United States.
ported, sarsaparilla, silk-grass, honey, beeswax, turtle shells, small quantities
of indigo, cacao, and cotton, and some cotton cloths, called cavallys, for
coverings of beds and tables. Of the mahogany thus brought to Jamaica,
there was carried, in 1*768, to the northern colonies 424,080 feet, and to
Great Britain 443,920 feet. Of Logwood, brought from the Bay of Hon
duras and that vicinity, the northern colonies exported large amounts to
Europe. From New York, Boston, and Newport, 1,000 to 1,500 tons
were sent yearly to Holland. England, in 1YeY, permitted the free export
o f the article from the colonies.
A f r ic a n T r a d e . In the trade with the western coast o f Africa there
was exported from North America, according to Lord Sheffield, in the
years 1768-9-70). an average of 270,147 gallons of rum. The slaves
brought back were mostly landed in Jamaica, whence they were sold
among the other English, and the foreign islands. In 1769, according to
Governor Bull, of South Carolina, there were brought into that colony,
5,438 negroes, selling for about £200,000 sterling. There were then
80,000 negroes in the colony to about 45,000 whites. The North Amer
ican slave trade was in the hands o f the northern colonies. Rhode Island
had been for may years engaged in the business, sending about eighteen
vessels yearly to Africa. Beside negroes, there was brought back golddust, elephants’ teeth, cam-wood, and other tropical articles. The bills of
exchange, usually received in the West Indies and from the southern col
onies for the negroes, by the Rhode Islanders, and remitted to England
for British goods, were said to average £40,000 yearly. The slave trade
o f Great Britain was at this time at its height, employing, in 1771, no less
than 192 ships, and was in nowise injured by that o f the colonies, as they
carried different articles to Africa. In 1768, there were purchased by
North American vessels on the African coast between Cape Blanco and
Rio Congo, 6,300 negroes; by British vessels, 53,100; by French vessels,
23,250; by the Dutch, 11,300; Portuguese, 1,700; Danes, 1,200; total,
exclusive of those dying on ship board, 97,100. Barbadoes had, in 1768,
66,379 slaves against 16,139 whites; Guadaloupe, in 1767, had 72,761
slaves against 11,863 whites; and Martinico, in 1770, had 70,553 slaves
to 12,450 whites.
C od F is h e r y . Com. Pallifer’s reports o f the state of the fishery, in
1767-8-9, show a considerable improvement in favor o f the English, the
number of vessels returning to Great Britain having about doubled. But
a custom had grown up among the crews left with vessels to winter at
Newfoundland of running away with the vessels to New England. The
fisheries were thus a drain, instead o f nursery for, British seamen, 2,900
of whom were estimated to have been thus lost, in the years 1764 to and
including 1767. But 2,500 o f these eloped in 1764-5, and only 400 in
1766-7. On the part o f Nova Scotia, it was also complained that the
fishermen, in the fishing season, ran off with the boats and vessels, and
sold the fish taken to the New Englanders and others. Some who did not
run off sold their employer’s fish on the banks, to the New England ves
sels, for rum, which rendered them useless the rest o f the season. Not
content with these practices, it was charged, the New Englanders landed
on the coast and robbed the flakes, and that they went so far even as to
set fire to British vessels that were stranded and might be got off, merely
to plunder their iron-work. A t Labrador, they kept the coast in a state
of warfare, set the woods on fire, and did all in their power to ruin the
British fisheries.
Commerce o f the United States.
443
The New England vessels all brought cargoes o f rum, molasses, bread,
flour, <fcc., the proceeds o f which, joined with what they got from the sale
of some of their vessels, amounted to about £100,000 yearly, nearly all
of which was paid in bills of exchange. The French, disappointed in
their attempts to compete with the Yankees in the sale of rum and mo
lasses in this quarter, had mostly abandoned the effort, only four small
vessels arriving there in 1768 from the French W est Indies.
W h ale F ish e r v . New England had employed in the whale fishery, in
1761, ten vessels, of about 100 tons each ; in 1762, she had fifteen vessels,
and in 1763, eighty vessels, at which time the increased quantity of whale
bone imported into Great Britain reduced the price from £500 to £350 a
ton. In 1763, Labrador was first visited by the British and American
whalers and seal fishers, who led the way for the other fisheries. In 1765,
there were employed on the coast of Labrador, 117 schooners and sloops
in the whale fishery, from New England and Canada, carrying 1,563 men.
Between May 14 and July 10, these vessels captured 104 whales, yielding
about 14,500 bbls. oil, and 20,000 lbs. o f bone, worth together about
£50,000. In 1767, there were from these colonies about 300 whaling
vessels employed on the coasts o f Newfoundland and Labrador and in the
Gulf of St. Lawrence. In the gulf, they killed about 100 o f the best
whales in six weeks.
The British, at this time, were very inert in the whale fishery, although
bounties and other encouragements had been long granted. Between
1750 and 1770, there had been paid in England and Scotland about
£700,000 in the shape of bounties on the whale fishery in the Greenland
seas. The average number of British vessels sent to those seas within this
period had been between 50 and 60, the largest number being 83, in
1756.
F ur T r a d e . The expulsion o f the French from North America did not
secure that quiet in the Indian relations of the colonies which had been
hoped for. The English population had begun to advance rapidly west
ward, and encroached upon the territory of the Indians. A warm dispute
occurred in 1761, at a conference between several American governors and
the Six Nations, relative to lands fraudulently taken by the English settlers.
The Indians were especially alarmed by a chain of forts established within
their most important hunting grounds, and conceived it to be the design
of the English to extirpate them, now they had got rid of the French.
An extensive confederacy was formed in 1763, embracing the Shawanese,
Delawares, the tribes along the Ohio, those around Detroit, and others
eastward of the Mississippi, who made a simultaneous attack upon the
posts, and on the back settlements o f Pennsylvania and Virginia. They
carried forts Le Boeuf, Venango, Presque Isle, and Michilimackinack, and
attempted to reduce Fort Pitt, (late Du Quesne,) Detroit, and Niagara.
The itinerant traders at the West, being taken completely by surprise,
were all murdered, or scattered through the wilderness, and the property
in their hands seized, reaching an amount of several hundred thousand
pounds. This loss fell heavily on the principal trading towns o f the colo
nies, and was seriously felt by their correspondents in England. All the
colonies were called on for their quotas of men, to meet this exigency.
The Indians maintained the contest with great spirit, until September,
1765, when peace was made, and trade with them renewed.
About 1767, it was considered necessary to adopt some regulations to
prevent the whites from hunting on the Indian grounds, and to prevent
444
Commerce o f the United States.
them from trading clandestinely with the Indians of the southern district.
The quantity of liquors to be used in the Indian trade was also regulated,
in order to prevent the disastrous results of their immoderate use by the
savages. In 1168, a boundary line was marked out, beyond which no
British subject should presume to settle, that line at the South being the
western limit of Carolina, now defined by treaty with the Creeks, Cherokees, and Choctaws. The Indians of the North also pointed out such a
line, which Sir William Johnson, Indian Superintendent for that section,
agreed to. It was determined farther to confine the trade at the South
to certain posts, but this measure was deemed inexpedient relative to the
North.
On the conquest of Canada, the Indian trade of that region was de
clared open to all British subjects, under free licenses from the royal gov
ernors, and with the observance o f certain prescribed regulations. The
great trade of the Lake country, which the French had so vigorously car
ried on, was for several years suspended. The Hudson Bay Company,
however, soon began to extend its operations into the territories taken
from the French, In 1760 a few Scotch merchants from Upper Canada
established a post and factory at Michilimackinack, which had been the
central post of the French trade.
The same year Jonathan Carver, a
native of Connecticut, started from Boston, explored the lakes, and spent
two years in researches west of the Mississippi. His journey had refer
ence both to the Indian trade and the Northwest passage, which he con
sidered connecting the Pacific and Hudson’s Bay. The merchants men
tioned above finally extended their operations beyond Lake Superior and
the Upper Mississippi, and as far north as to Lake Winnipeg and its trib
utaries.
In 1767, the navigation of the great lakes wTas “ beginning to assume
a respectable appearance.”
On Lake Ontario there were four brigs and
sixteen armed schooners. It was then imagined that the trade of these
lakes would at no remote period “ emulate or exceed that of the Caspian
Sea.” In 1770 the export of furs and peltry from the English colonies,
including Canada, &c., amounted to £149,225.
T o b a c c o . The average export o f tobacco from North America between
1744 and 1766, was estimated at 40,000,000 lbs. yearly. In spite of
the troubles of the present period, the production was increasing. The
export for the years 1768, 1769, 1770, averaged 67,780,000 lbs. annually.
Of the American tobacco sent to Great Britain, about 25,000 lihds. was
annually exported to Holland. The Maryland tobacco being stronger than
that of Virginia, was less liked in England, but was preferred in the North
of Europe. It was called Oroonoko.*
N a v a l S tores , L um ber , & c . An act was passed by Parliament, 1770,
permitting the importation into Great Britain o f all kinds of unmanufac
tured wood from the colonies free of duty. The value o f Lumber exported
from North America the same year was £154,637 sterling; o f Tar, Pitch,
Rosin, and Turpentine, the export was £34,693 ; of Flaxseed, 312,612
bushels were exported. Ilemp was increasing in quantity and value;
there was raised in South Carolina in 1769, 526,131 lbs., upon which a
* The Spanish government in 1764, as England had attempted a century before,) established a
royal monopoly of'tobacco in their colonies. None was allowed to be raised except in particular
districts, and none could be sold except to the king’s officers. The law was rigorously enforced by
the army. This odious monopoly yielded the king, from Mexico alone, a revenue o f 20,000,000
livres annually.
Commerce o f the United, States.
445
provincial bounty of £2,500 was paid. Nearly two-fifths of this amount
was worked up in the country.
G rain' and F lour. The export o f these articles was, at this time,
greatly encouraged by the scarcity o f food in Great Britain. The export
of Wheat from North America in 1770, was 7.51,240 bushels ; of Hour and
bread, 458,860 barrels. The value of this wheat, Hour and bread, was es
timated at $2,862,190. The greater part of these articles by far was car
ried to the West Indies and the South of Europe. Of Indian Corn, the
export was 578,349 bushels.
R ic e . The export of Rice from the colonies in 1770, was 150,529 bbls.,
beinsr all from the Carolinas and Georgia. Of this amount, Holland con
sumed 15,000 or 20,000 yearly, re-exported from England. The main
portion was carried to the south of Europe.
I n d ig o . An act passed in 1770 continued the encouragement to the
cultivation of Indigo in the colonies to March 25, 1777. The export o f
this article from North America averaged, at this time, £51,700 yearly.
The export from South Carolina in 1769, was 380,570 lbs., valued at
£66,600. It was now raised of an excellent quality in Florida.
S ilk. The production of Silk in Connecticut, beginning in 1760, had
at this time acquired considerable value.
A filature was established at
Philadelphia in 1769, at which was purchased in 1771, 2,300 lbs. of
cocoons, the product o f Pennsylvania, New Jersey, and Delaware. The
export from Georgia in 1770, was but 290 lbs., whereas in 1766, it had
exceeded 20,000 lbs.
C otton .
A parcel of Cotton, amounting to 2,000 lbs. weight was
shipped from Charleston, South Carolina, for England in 1770. The first
export of this article from North America was from Charleston in 1748,
the amount being seven bags. No more was sent until about fourteen
years after 1770. There was also sent to England in 1770 three bales of
cotton from New York, grown in Virginia and Maryland, and three bar
rels of cotton were sent from North Carolina. There was imported into
the North American colonies in 1768, from Jamaica, 50,400 lbs. cotton,
and from the same island 442,200 lbs. was exported to Great Britain.
Some cotton was also grown in the small Mosquito colony. The im
port of Great Britain, in 1767, was about 3,000,000 lbs., the great bulk
being the product of foreign colonies. French Ilayti, in 1767, exported
2,965,920 lbs.
I n te r n a l C o m m u n icatio n . In 1761 a stage-coach intercourse began
between Boston and Portsmouth, New Hampshire. The coach ran once
a week, and the cost o f the trip between the places was 13s. 6d. sterling.
The means of internal communication even in England were at this time
very poor. The roads were in an execrable condition ; and it was only
in 1763 that turnpike gates were generally established, from the toll de
rived at which the roads afterward derived the chief means of repair.
After the peace of 176-3, the matter o f inland navigation attracted some
attention on the part of the colonial government of New York. Governor
Moore, in 1768, recommended practical action in the matter, and particu
larly advised the removal o f the obstructions in the River Mohawk, as a
facility to the trade with the lakes.
The W est. In 1763 the French settled St. Genevieve, and in 1764,
St. Louis, in Upper Louisiana, now English territory. They also re
mained in, and slowly extended their settlements in Illinois. On the
446
Commerce o f the United States.
Illinois River, in 1769, they produced 100 hogsheads of wine froiii the
American grape. The province o f Lower Louisiana, in 1766, raised sugar
enough for home consumption ; and by 1770 it was a staple product of
the colony. In 1769 Spain took possession o f Lower Louisiana, under
the secret treaty o f 1763, sending over 4,000 soldiers to keep down the
discontented French population. Such was the tyranny of the first Span
ish governor, that many of the wealthiest merchants and planters removed
to St. Domingo. But from 1770 better rule prevailed, and Louisiana again
flourished.
Tennessee was first settled in 1765, by emigrants crossing the mount
ains from Virginia and North Carolina. Boone, with five companions,
from the banks of the Yadkin, in North Carolina, adventured into the
great trans-Alleghanian waste in 1769.
Reaching Red River, in Ken
tucky, he was taken by the Indians, but escaped, and returned to his
home.
In 1767, Gen. Phineas Lyman projected a settlement by the disbanded
provincial troops, on the Ohio, at a point 300 miles east o f the Mississippi.
The products of this colony were to furnish occasion for an extensive Com
merce through the Mississippi. But the Lords o f Trade and Plantation
rejected the adventurous scheme.
The first permanent Spanish settlement in New California was made at
the present town of San Diego in 1769.
P ir a c y . A few pirates, the “ dregs o f the war,” appeared in the West
India seas upon the peace, but were quickly suppressed.
N orth w est P a s s a g e . This never-abandoned commercial object, was
the occasion of an expedition under Capt. Christopher, fitted out by the
Hudson Bay Company in 1661, to explore Chesterfield Inlet. The search
was kept up that year and the next, but no outlet to the Pacific could be
found. The hope of finding the passage was a leading object o f Jonathan
Carver’s Yankee adventure, before mentioned, in 1766.
P a p e r M o n e y . The colonies which had taken most active part in the
French war, found themselves heavily burdened at its close with the debt
resulting from their frequent paper issues. The partial remuneration
made in specie by the English government, enabled them to limit the ex
tent of the evil, but the specie quickly returned, in the natural course of
trade, and the colonies were still too much disposed to push an experiment
that had occasioned them sufficient embarrassment, without need of fur
ther essays. In some of the provinces a violent contest broke out between
the paper and the anti-paper parties— sometimes one, and again the other
succeeding.
Numerous acts to regulate the value of the old and new issues, many of
them of sinister influence, and to provide what were considered feasible
and convenient systems for their general redemption, were adopted by
the colonial legislatures. But our space does not admit o f their enumera
tion here.
T o n n a g e . By the colonial custom-house books, the tonnage entered
the original thirteen colonies in 1770, was 331,644; cleared, 351,686.
Six-eighths of the tonnage employed by New England was owned there;
three-eighths of that of New York and Pennsylvania was owned in those
colonies. The South owned but one-eighth the tonnage it employed.
The remainder, in each case, was the property of British merchants.
About fifty colonial vessels were sold annually, at this time, in Great
Britain.
Statistics o f the Guano Trade.
447
A r t . VI . — S T A T I S T I C S OF T H E G U A N O T R A D E .
S in ce 1841, when Guano first became an article o f Commerce, we have
repeatedly called public attention to it in the pages of the Merchants'
Magazine. It is matter of surprise that more of our enterprising naviga
tors and intelligent merchants do not engage in its importation into the
United States, and that our agricultural community accessible to the sea
board do not encourage such undertakings more generally. In vol. viii.
of the Merchant^ Magazine, p. 485, we gave an extract from a letter of
Mr. Wheelwright, an intelligent gentleman in Peru, to the National In
stitute at Washington City, stating that in fifteen months of the years
1842 and 1843, no less than forty thousand tons of guano had been ship
ped from islands adjacent to the coasts of Peru, to England, and in which
letter Mr. Wheelwright also described the article and its value as a fertil
izer. In vol. xi., p. 287, we gave a full notice of guano, and stated that it
had been deemed of sufficient consequence in England to attract the notice
of the imperial parliament. W e quoted from English newspapers, there
specified, stating that from six hundred to eight hundred British vessels
were then (1844) employed in the guano trade, and that this new occupa
tion had been of signal benefit in relieving the declining mercantile and
navigating interests of that country, and had in some measure remedied
the “ ruinous competition ” in freights, in English ports; and we described
the islands from which guano was chiefly obtained by the English, how
procured, and furnished other information in relation to it. In the same
volume, p. 381, is an article giving an analysis of ordinary guano, and
other information; and at p .4 7 8 m aybe found another article on the
same subject. In vol. xiii., p. 285, a statement is presented, from the cir
cular of J. Robinson, of Liverpool, o f the importation and of the consump
tion of guano in England from January 1st, 1841, to July 1st, 1844, in
which 18,450 tons is given as the quantity imported from Peru and used
in England, and 16,000 tons as from Africa, making in the aggregate
34,450 tons; and that in the year ensuing, July 1, 1844, the quantity im
ported was 27,690 tons from Peru, and 245,510 tons from Africa, making
273,200 tons, of which 131,240 tons had been used on the 1st of July,
1845. In vol. xiv., p. 298, of the Merchants' Magazine, the guano trade
of Peru, for 1841 and 1842, as gathered from official documents o f that
country, is stated to have amounted to 38,125 tons, employing nearly 150
ships, and that nine-tenths of the shipments were to England. In vol. xxii.,
p. 071, is a notice of the imports of guano into England in 1849, showing
that they were chiefly from Peru and the west coast o f A frica; and that,
at that time, none was procured from islands on the Atlantic side of the
Americas, as has been since the early part of the year 1854. A t page 232
of vol. xxi., we published, at length, a law of the State of Maryland, re
quiring the guano imported into that State to be inspected, which law
was “ supplementary” to a prior act, (chap. 341,) of December session,
1846, passed by that state. Importers of guano into Baltimore ought to
fully acquaint themselves in advance with the provisions o f these laws.
All guano imported in that city must be inspected and analyzed, and
classified according to the inspector’s decision as to the ammonia or the
phosphates it contains, for doing which service he receives thirty cents
per ton, fee, to be paid by the importers ; and infractions of the law are
448
Statistics o f the Guano Trade.
punished as criminal offenses, by indictment, &c. W e are not informed
of any similar law in any other State, and can readily imagine that such
law may operate unfairly.
In vol. xxxiii. of the Merchants' Magazine, p. 366, a table of imports of
guano into England, from 1841 to 1854, and in eleven months of 1854, is
given, as compiled from official documents. This table does not entirely
agree with Mr. Robinson’s statement above mentioned. It gives the quan
tity imported in the year 1845 as 283,300 tons, and that in 1846, the
imports declined two-thirds, and continued to decline till 1850, when they
increased to 116,929 tons, and in 1851 to 243,014 tons. In 1852 they
amounted to 129,889 tons, in 18',3 to 123,166, and in 1854 to 201,623
tons. A t page 762, same volume, we state, on the authority of Mr. S. J.
Christian, agent for the Peruvian government at Philadelphia, furnished
by him to the Philadelphia Commercial List, that since the trade com
menced at that port, he iias received and sold there 31,724 tons, at $45
per ton, making §1,427,580 ; and that the sales of Peruvian guano in the
United States, with the large quantity o f Mexican, North Pacific, and
Columbia guano would probably increase the annual amount paid, to up
wards of §2,000,000.
The price of first quality guano in England has been as high as $80 per
ton. Some of the first imported into the United States, by Mr. Thorburn,
of this city, was sold by him at $6 for a hundred pounds, being equal to
$134 40 per ton. In the various articles above adverted to as heretofore
published by us, may be found several items of information on the subject
of guano, that may be interesting to the merchant, to the navigator, and
to the farmer. A writer in the London Times quoted by us in vol. xi.,
above cited, states that it may be employed profitably in dyeing. An
address, by J. E. Tesehermaeher, Esq., of the Plymouth (Mass.) Agricul
tural Society, in 1851, (published in the Transactions o f the Agricultural
Society of Massachusetts, in 1852, p. 614, Ac.,) contains useful informa
tion as to the employment of guano as a fertilizer, and the United States
Patent Office Agricultural Reports since 1849, may also be consulted
profitably. W e have also seen a pamphlet published this year, (1856)
by an incorporated company in Pennsylvania, called the “ Philadelphia
Guano Company,” containing statements o f an important character, in
relation to the guano found in the Caribbean Sea, which we presume
may be relied upon as authentic.
In 1853 and 1854 some merchants o f the United States sent several
vessels into the Gulf of Mexico, and into the Caribbean Sea, in search of
guano, and large quantities were discovered on the desert and derelict
keys, or small islands of rock, found in those waters; and during the ad
ministration of General Taylor, and after Mr. Fillmore succeeded him in
the executive chair, our navigators claimed certain desert, unoccupied, and
abandoned guano islands in the Pacific Ocean, in virtue of their discovery,
and the taking possession and occupation of them, with the purpose of
appropriating the guano so discovered, to their own benefit. In an article
preceding this is noticed fully, one case o f alleged discovery and possesT
sion of a derelict guano island in the Caribbean Sea, by a Boston mer
chant, whose right is contested by the government of Venezuela, and who
was driven therefrom by the military and naval forces of that government,
in December, 1854. The reported recent discovery of large and valuable
deposits of guano on the keys near the Florida coast, will, if the report
449
Statistics o f the Guano Trade.
prove to be true, greatly increase the use and add to the importance of
the article.
W e have been furnished by a friend with the following statistical tables
compiled at the United States Treasury, and at the Custom House in New
York, showing the progress o f the trade in guano since 1850 :—
IM PO R TS
OF G U AN O IN T O C E R T A IN
T E A R OF
1855,
D IS T R IC T S O F T H E
U N IT E D S T A T E S D U R IN G T H E
F IS C A L
1856, S T A T IN G
A N D F IR S T A N D S E C O N D Q U A R T E R S OF T H E F IS C A L Y E A R O F
Q U A N T IT Y , A N D T H E V A L U E P E R E N T R Y , A N D A G G R E G A T E V A L U E A S P E R E N T R Y .
1
_ .
_
„
into B oston irom—
Danish West In d ie s...............
British Possessions in Africa .
Venezuela or Caribbean Sea..
Brazil........................................
Peru...........................................
Sandwich Islands...................
Total into Boston...........
Into P h ila d e lph ia from—
Venezuela or Caribbean Sea..
Peru..........................................
*
Y
Quantity. Value Aggregate
Tons. per ton.
Value.
200 $7 50
39 16 36
1,975 10 90
750 5 00
2,684 1 66
250 6 00
$1,500
638
21,530
3,750
4,489
1,500
5,898
..
$33,407
15,896
i 87
$29,756
Total into Philadelphia . 15,896 , . . $29,756
Into B altim o re from—
Danish West Indies...............
170 20 00
$3,400
British West In dies...............
195 9 98
1,937
Cuba..........................................
126 10 00
1,260
Mexico.......................................
480 5 96
2,864
New Granada.........................
4,525 10 96
49,606
Venezuela and Caribbean Sea 2,535 14 27
36,105
Brazil........................................
2,511
1,551 1 61
Uruguay...................................
250 1 44
360
Buenos Ayres..........................
300 1 58
475
Chili...........................................
894 2 67
2,392
Peru........................................... 45,369 1 80
82,001
Total into Baltimore___ 56,390
$182,911
Into N e w O rle an s from—
Peru...........................................
1,080 1 52
$1,647
Into N e w Y ork from—
Brazil........................................
1,750 15 18 $26,569
Dutch West Indies.................
Peru........................................... 80,183
123,351
Africa........................................
170 25 00
4,250
Brit. Possessions in S. America
1,300 15 04
19,500
Cuba..........................................
100 15 00
1,500
Venezuela and Caribbean Sea
850 15 00
12,750
M exico....................... .............
...
Total into N e w Y ork . . .
84,353
. . * $187,920
f
Quantity. Value Aggregate
Tons. per ton. Value.
776 $1 65
••
$1,299
.#
$1,299
620 12 32
2,979 2 00
$7,640
5,969
#.,
$13,609
345 11 87
200 16 00
80 5 00
$4,100
3,000
400
3,195 16 09
48,225
....
776
3,599
....
....
1,020
12,701
i 26
2 00
1,293
25,453
$ 82,471
■ • ■•
• •• •
•
900 1 97
15 11 60
4,500 1 37
$1,794
174
6,207
180 30 30
5,536
5,595
.
. .
$13,710
* The fiscal year ends on the 30th o f June. It seems by a comparison o f the exports and imports
o f the two first quarters of 1855, with those for the same quarters o f 1856, that the guano trade to this
country has materially decreased. This is owing chiefly to the great demand and ready markets in
other countries. The present known sources of supply, it is estimated, if the present demand con
tinues, will probably be exhausted in some eighteen or twenty years. If this be so, it furnishes a
cogent argument in favor of efforts to secure all contiguous to this country, and especially all within
our jurisdiction, for the use of our own husbandmen.
V OL. X X X IV .---- NO. IV .
29
450
Journal o f Mercantile Law ,
S T A T E M E N T OF IM P O R T S O F G U A N O , C O M P IL E D F R O M R E P O R T S O F C O M M E R C E A N D N A V IG A T IO N
O F T H E U N IT E D S T A T E S T R E A S U R Y D E P A R T M E N T , F O R F I V E Y E A R S P A S T , E N D IN G JU N E
30,
OF E ACH Y E A R .
1851
1852.
Whence Imported Ton3. Value Tons. Value.
Danish W. Indies.
British W. Indies .
8
$281
$25
i
Oth. Br. Am. ports
288
577
Africa generally ..
2
England.................
25
25
1,033
Cuba......................
1,750
M exico...................
350
New Granada........
85
890
Venez. & Car. Sea.
Brazils .................
1,928 6,366
40
U ragu ay...............
1,560
1.345 18,812
Buenos Ayres.......
2-JO 2,225
Chili .....................
9
1,710
8.498
ia
Peril....................... 20,059 48,085 39,567 75,909
Sandwich Islands..
500
Cent. Rep of Am..
300
6,150
50
S. Amer. generally
2,100 39,700
4,281 32,159
S. Seas & Pacific..
550
1,172
Whale Kisheries...
Spam on Atlantic.
Total...............
23,153 97,881
50,054 147,595
1851
Tons.
Value
i
6,876
148
$u
11.312
1,480
200
3,025
708
320
1,695
4,294
2,134
5,788
25,852 48,418
255
3,150
1,530
1854.
Value.
$123
5,000
502
7,640
30TH, 1855,
Tons. Value
370 $4,900
330
4,637
1,300 19.500
209 4,888
226
480
4,525
5,355
798 2.058 4,051
250
60
300
900
894
163,662 579,541 155,046
250
2,760
2,864
49.606
70,385
32,830
360
475
2,392
258,3)0
J,500
375
4,500
5,590 56.215
4,487 38,095
19,390
....
250
2,500
38,034 96,563 175,849 692,072 173,961 459,947
IM P O R T S O F G U AN O IN T O T H E U N IT E D S T A T E S , F R O M T H E Y E A R E N D IN G JU N E
T H E Y E A R E N D IN G JU N E
1855.
Tons.
250
250
30TH, 1850, TO
IN C L U S IV E , A N D T H E S E V E R A L D IS T R IC T S IN T O W H IC H
W H I C H S U C H IM P O R T A T IO N S W E R E M A D E .
1851.
Districts.
B oston...................
New Y ork.............
Philadelphia.........
Baltimore..............
Charleston.............
New Orleans . . . . .
Passamaquoddy ..
New Bediord . . . .
New Loudon........
Fairfield ...............
Georgetown, D. C..
Richm ond.............
Norfolk &. P’ tsm’ th
Alexandria...........
Plymouth, N. C. ..
M ob ile..................
1851
1851
1854.
1855.
Tons. Value. Tons. Value. Tons. Value. Tons. Value. Tons. Value
11
$43
1,355 $4,050
3,257 $8,646
5,898 $33,407
4,448 26.214 21,167 56,402 9,4 i 2 524,851 78.386 122,229 84.353 187.920
4,980 17,500
436
6,289
498
1,310
8.678 18,192 15,896 29,756
11,61)3 24,429 22,678 73,4 J4 15.444 36,078 56,066 194.758 56,390 182,911
1.233 37,725
700
500
5,403 270,150
1,080
1,647
....
6,876 11,312
233 2.950
600 17,700
350
8,750
577
288
781
1,372
1,059
1,320
697
1,199
375 4,500
1,958 3,882
1,389 4,572 5,791 10,452 5,937 10,127
1,511
1,155
1,995
1,737
3,050 5,357 15,976 28,600 3,200 5,780
1
ii
1,033
25
135 2,700
....
23,153 97,881 50,054 147,595 38,034 96,563 175,849 692,072 173,961 459,947
Total...............
JOURNAL OF MERCANTILE LAW.
DELIVERY OF GOODS— JURISDICTION OF COURT— CONSIGNEE.
The following decision was recently (July, 1855,) in the United States Circuit
Court, in Admiralty on appeal, rendered in a case argued on the 17th of May,
1855. The decision in the District Court was rendered by Judge Ingersoll, in
favor of the libelants. Francis Vose and others vs. Thomas Allen, owner of the
bark Majestic:—
The libel was filed in this case to recover damages for the non-delivery of a
quantity of pig-iron, in pursuance of the bill of lading. It was shipped at Belfast,
Ireland, by a house there, to this port, and consigned to the libelants. The ship
was consigned to Edmiston Brothers, of this city, agents of the owner. The bill
of lading was in the usual form, except a note on the margin—“ Iron to be dis
Journal o f Mercantile Law.
451
charged by consignees in five days after arrival of vessel at New York, or pay
demurrage of $25 per day after that time.” But the clause is of no special im
portance in the view we have taken of the case. On the arrival of the vessel, she
was reported by the master to the consignees of the iron, with a request for ad
vice as to the place of discharge. They expressed a wish that she should discharge
at some dock between Washington Market and the Battery, which was assented
to, provided a vacant berth could be obtained ; but, on inquiry, the nearest berth
vacant to the place mentioned was Pier No. 39, on the North River, which was
assigned accordingly by one of the harbor-masters to the vessel. The consignees
objected to the delivery at this place, and insisted that the vessel should postpone
it till Pier No. 8 or 9, lower down, should be vacated, -which it was understood
might be in the course of a few days. This was not assented to by the agents of
the ship ; and the master commenced discharging the cargo at Pier No. 39. This
pier is about 800 feet long, the outer end for some 40 feet solid, the other part
built on piles, called a bridge pier.
The iron was discharged on this part of the pier. The delivery was commenced
on Thursday morning, June 24, and continued during the daytime till 11 o’clock
next day, when the dock-master, having noticed the quantity of iron on the pier,
and apprehensive it would give way under the weight, forbid the master discharg
ing any more of the cargo. The hands engaged knocked off for a time; but in
the afternoon again commenced the delivery, and continued until again attracting
the notice of the dock-master, they were forbidden the second time. They then
ceased; but on the next morning, according to the weight of the proofs, again
commenced discharging; and continued till about 11 o’clock A . M., when the
pier broke down, precipitating some one hundred and fifty tons of the iron into
the river, about fifty tons of which has been totally lost. There were only some
seventy-five or eighty tons upon the pier when the warning was first given to the
master of the danger. The master at this time gave notice to the consignees of
the Ron of the warning of the dock-master, and requested that they wTould send
and remove it from the pier, which they neglected or refused. The simple ques
tion in the case is, whether or not this discharge of the iron, under the circum
stances stated, was in judgment of law, a delivery to the consignees according to
the requirements of the bill of lading ? We think not. Assuming that the mas
ter was justified under the general custom and usage of this port, in discharging
the iron at Pier No. 39, on the neglect or refusal of the consignees to procure a
different one more satisfactory to themselves within a reasonable time, the respon
sibility of a safe delivery at the place selected rested upon him. He was bound
not only to select a customary dock or wharf for the delivery of such goods as his
ship was freighted with, but the place selected must be fit and safe for the deposit
of them; and the cargo also must be discharged with all proper care and skill.
A discharge of the cargo short of this would be an abuse of the right which the
custom of the port extends to the owner or masters, in cases where the consignee
refuses to accept or to participate in the delivery. Nor did the master exempt
himself from any portion of this responsibility by giving notice to the consignees
of the danger from overloading the pier in the discharge of the iron. They had
refused to have anything to do with the delivery at that place; the master, there
fore, was left to discharge it there, if at all, at his peril, without their consent or
participation.
If the pier was found insufficient for the discharge of the whole of the iron, a
portion should have been delivered at some other place, and notice given to the
consignees. This was an obvious suggestion, after the dock-master had forbidden
any further discharge upon the pier at which the vessel lay; or, what might have
answered the same purpose perhaps, the iron might have been distributed over a
larger portion of the pier.
An objection is taken to the right of the consignees to bring this suit, and also
to the jurisdiction of the Court below to entertain it. We are satisfied, however,
that neither objection is well founded. The consignees were the proper parties,
having made advances upon the consignment; and as to the jurisdiction, it is the
common case of a libel filed for the non-performance of the contract of affreightment. We think the decree of the Court below right, and should be affirmed.
452
Journal o f Mercantile Law.
BROKERAGE— PROFITS OF THE TURKISH LOAN.
M. de Bourbevelle recently (December, 1855,) brought an action before the
Civil Tribunal of the Seine against M. Durand, of Constantinople, to obtain
100,000 francs as damages, for having been unjustly excluded from all share in
raising the recent loan for the Turkish government, though he had taken part in
conducting the negotiations which led to it. In support of his demand he stated
that so far back as 1829, he conceived the idea of introducing foreign capital into
Turkey, and entered into numerous negotiations on the subject with capitalists in
England and France, but his efforts led to no result. In 1841, he initiated M.
Durand into his projects, and they both tried to get a loan for Turkey, and to
establish a bank at Constantinople, agreeing to share the profits; but all their
exertions proved fruitless. In 1853, a considerable amount of correspondence
took place between the parties about a new project of loan, and M. Durand, who
was at Constantinople, constantly treated M. de Bourbevelle as his partner, or at
least as his agent. A t last, in August, 1854, Durand, having obtained the neces
sary authorization from the Turkish government, raised a loan in Paris and Lon
don ; but from the moment he obtained the authorization, he dropped all commu
nication with de Bourbevelle. M. Durand opposed the demand on the ground
that M. de Bourbevelle had not contributed in any way to the success of the loan,
though he had every opportunity of doing so, and that it was only when he found
that he (de Bourbevelle) was absolutely unable to induce any capitalists to take it
up that application was made' to others. Durand, moreover, alleged that any
conventions which might have existed between him and de Bourbevelle applied
exclusively to previous attempts to obtain loans, and not to that of 1854. The
tribunal, after examining the correspondence between the parties, rejected the de
mand. In the course of the proceeding it was stated that M. de Bourbevelle had
at first solicited authorization to submit the matter to arbitration, and had then
demanded 400,000 francs, but M. Durand applied to the imperial court to declare
that it was of such a nature that it could not be left to arbitrators, but must be
submitted to the civil tribunal. The court gave judgment to that effect, and then
de Bourbevelle reduced his claim to 100,000 francs.
LIABILITY OF AGENTS.
A t the Liverpool (England) County Court, Mr. Pollock gave judgment in the
case of Cordely vs. Scofield an another, which had been heard some time before,
but had stood over for consideration. His honor said the plaintiff was a hat
manufacturer, and the action had been brought to recover damages from the de
fendants, Messrs. Scofield, Baring & Co., merchants of Liverpool, who were in
trusted, as agents, by the plaintiff, with the sale of certain hats. The speculation
had been an unfortunate one. The hats, invoiced originally at £500, or there
abouts, were forwarded to Manilla, where they were unsaleable. They were then,
after various communications between plaintiff's and defendants, forwarded to Syd
ney, Shanghae, and other distant places; and, after deducting the cost of the
transmissions and other arrangements, they realized to the plaintiff a sum of less
than £10. The question was whether the defendants were liable for any, and if
any, for what portion of the loss. It seemed to him, the learned judge observed,
that if the defendants were liable at all, they were liable, not merely for £50, for
which amount the action had been brought, but for at least £500 ; but, after
giving his best consideration to the case, lie was of opinion that no such liability
attached to them. An agent was ordinarily intrusted with a wide discretion, and
in this case such discretion being expressly delegated to them, they could only be
made liable for proved negligence, incompetency, or misconduct, and he did not
find in the evidence before him that there was any charge of the kind attached to
the defendants. That the speculation was a most unfortunate one, and that the
plaintiff had suffered from it could not be doubted ; but, after a very careful con
sideration of the circumstances, and after consulting a gentlemen of very high ex
perience on such matters, whose opinion coincided perfectly with his own upon
the subject, he (the learned judge) was of opinion that the liability did not attach,
and that a verdict must therefore be entered for the defendants.
Journal o f Mercantile Law.
453
CLAIM FOR EXTRA ALLOWANCE OF PILOTAGE.
In the United States Circuit Court— in Admiralty on Appeal, October, 1853.
Before Chief Justice Nelson. H. T. Topping, libelant, vs. the ship Warren, &c.,
appellant.
The ship Warren, of 500 tons, with a crew of 10 men and 60 passengers, left
Glasgow for New York, 6th December, 1851.
She received severe injury in a gale, lost her rudder, bowsprit, fore-mast head,
foretop-mast, foretop-gallant-mast, head of mainmast, and head of main-topmast.
A spar was rigged as a bowsprit, and a jury foretop-mast set up, a substitute for
the rudder was rigged, made out of cable, ropes, &c., in a most ingenious manner,
highly creditable to the skill and seamanship of J. G. Lawton, her captain.
The ship could wear and be stayed, and was navigated to within 60 miles of
New York, after a passage of 107 days—the usual passage being about 40 days.
At this distance from port, the ship was placed under the charge of the libelant,
a pilot, and navigated by him to within 15 miles of the Hook, when a tug was
hired and the vessel towed up.
The pilot claimed compensation beyond the usual pilotage fees allowed when a
vessel was not disabled, which was refused. It was proved that on approaching
the coast a vessel in her crippled condition would be exposed to enhanced dangers
—a gale of wind on shore might be fatal, and one off might drive her again out
to sea.
That from the number of passengers, composed of men, women, and children,
the great length of passage already, the danger of distress for provisions, &c., the
ship having already frequently received supplies, a very serious responsibility de
volved upon the pilot, to whom was confided the safety of the ship and passengers
and her valuable cargo, a responsibility not strictly belonging to his duties as a
pilot, and for which he was entitled to a liberal compensation, beyond what ;the
strict tariff' of mere pilotage fees would allow.
The District Court awarded to the pilot one hundred dollars in addition to the
pilotage, and on appeal to the Circuit Court, his Honor, Judge Nelson, affirmed
the decree.
ACTION ON A CONTRACT— CHAMPAGNE MARKS OR BRANDS.
A case of some interest to wine merchants and champagne drinkers was recently
submitted to the Imperial Court, at Paris, France :—
M. Ferrand, a wine merchant of Paris, entered into a contract on the 1st of
February, 1854, with MM. Jacquinet and Co., of Avize, to receive from them all
the champagne wine he might require during three years, subject to the conditions
that it should be similar in quality to the species called Verzcnay, Bouzy, and
Grand Cordon Imperial, of which they had given him samples—that the bottles
and corks should bear his name—and that the price of each bottle delivered at the
barrier of Paris should not exceed 2 francs, 10 centimes. In March, 1855, M.
Jacquinet died, and a M. Coursol was charged to carry on his affairs until they
could be wound up. This person refused to fulfil the contract with Ferrand, on
the ground that it was of a fraudulent character, inasmuch as the wines supplied
him were not, and were not meant to be, really of the growths of Bouzy, Verzenav, and Cordon Imperial; and that, as he did not possess an inch of vineyard
in Champagne, he had no right to have his name put on the bottles and corks. M.
Ferrand brought an action before the Tribunal of Commerce of Epernay against
M. Coursol to have his contract fulfilled, but the tribunal declared that, for
the reasons alleged by Coursol, it must be considered fraudulent, and be put
an end to. The matter was now brought before the Imperial Court by M.
Ferrand on appeal against the decision.
He contended that there was no
fraud in the contract, inasmuch as it is a well-known fact that scarcely any
Champagne wine sold is entirely of the vineyard whose name it bears— not
even the well-known A i ; and as to the employment of his name on the bottle and
454
Commercial Chronicle and Review.
corks, instead of that of Jacquinet, it took place by that person’s consent, and
could not, therefore, be considered a violation of the law relative to the use of il
licit marks and designations. The court decided that this view was the correct
one, and accordingly quashed the judgment of the tribunal of Bperney; declared
that the contract of Ferrand was valid, and must be executed ; and ordered Coursol to pay Ferrand 500 francs as damages for the injury inflicted on the latter by
his (Coursol’s) refusal to carry out the arrangement agreed to by Jacquinet.
LIABILITY OF FERRYMEN AS COMMON CARRIERS.
The following opinion was delivered by Judge Kanney of the Supreme Court
of Ohio, on December 22d, 1855 :—
1. That a ferryman, in the regular exercise of his employment, of transporting
persons and property across a river is a common carrier, within the meaning
of the law applicable to that subject; and as such is liable for a failure to trans
port safely property committed to his care, from any other cause than the expect
ed perils.
2. An undertaking to transport animals of the brute creation imposes the same
obligation as pertains to other property.
3. The owner is bound to deal in good faith towards the carrier; and if the
carriage of the property is attended with any peculiar circumstances of hazard,
known to him, he is bound to disclose it, in order that the necessary precautions
may be used ; and a failure to do so, when the loss arises from that cause, will dis
charge the carrier.
4. If the owner, or his agent, takes upon himself the care of his property, while
in transit, lie does not thereby become the agent of the carrier ; and the latter is
not responsible for losses arising from his negligence or want of care.
COMMERCIAL CHRONICLE AND REVIEW.
INTERRUPTIONS
TO
N A V IG A T IO N — G E N E R A L
L O S S E S B Y I N S U R A N C E — C O U R S E OF T I I E
8P ANIS H
CO IN -R E V IS IO N
OF T H E
REVIEW
MON EY
OF T H E
T A R I F F — FR A U D S
THE
NEW
AT
NEW
YORK
YORK
FO R
ASSAY
O F F I CE
A ND T H E
RID T H E
S E A AND
C O U N T R Y OF T H E
A ND S U I C I D E OF A B R I T I S H B A N K E R — A N O T H E R
C H A P E R IN AN A U T O B I O G R A P H Y - M O V E M E N T OF T H E
AT
SPRIN G T R A D E — ST O R M S A T
M A R K E T — P R O J E C T TO
BANKS— RECEIPTS
PHILADELPHIA
OF
MINT— IMPORTS
G O L D , AND DEPO SITS
OF
FO RE IGN
G OO DS
F E B R U A R Y AND FR OM J A N U A R Y F I R S T — E X P O R T S FR OM NEW Y O R K T O FO REIGN
P O R T S — I M P O R T S AND E X P O R T S FOR E I G H T M ONTH S OF T H E FISCAL Y E A R — C A SH
REVENUE A T NEW
Y O R K — E X P O R T S OF D O M E S T I C P R O D U C E - D E M A ND F O R B R K A D S T U F F S A N D P R O V I S I O N S — M O V E M E N T
IN N IC A R A G U A , E T C .
The channels of navigation are breaking loose from the icy fetters which have
so long bound them, and trade has received a fresh impulse during the last few
days. The interruptions to navigation and internal communication have been
more severely felt than previously for many years, and the first three months of
1856 will head the records of frosty days. Heretofore the troubles of this sort
have been local, and of comparatively short duration, but this season they have
affected the whole surface of the country. All the harbors from Portland to
Norfolk have been more or less obstructed by the ice; Philadelphia and Balti
more have been entirely closed in for several weeks, and large quantities of ice
have been carried out into the Gulf of Mexico through the mouth of the Missis
sippi. Throughout the interior the rivers have of course been frozen; and the
railroads, which should have supplied the necessary transportation, have been so
constantly filled up by snow, that no regularity in running could be observed,
while frequently the passing was totally interrupted for several successive days.
In all the large northern cities the snow fell in such quantities that it obstructed
Commercial Chronicle and Review.
455
the streets, while at the South the weather has also been unusually severe. With
this state of things it is not to be wondered at that the business of the country
has suffered, and that the promise of trade, which was so brilliant at the opening
of the year, should not have been fulfilled.
There have been, however, many alleviating circumstances. The supply of coal
has been ample, and the intense cold which increased its consumption, saved many
dealers from bankruptcy. The body of snow upon the ground will give, not only
increased fertility to the soil, but fresh food to the springs of water, everywhere
lower than usual, so that the next harvest may be more abundant, and the streams
which have suffered from drouth be filled, to bear the multiplied produce to mar
ket. The rivers in the South are already in good navigable order, and the snow
in the mountains insures them against the shallows throughout the season.
The furious storms which have prevailed on land have had their counterpart
upon the sea, and the story of disasters, from the wind and wave and crushing ice,
has never ceased since the winter commenced. Day after day fresh incidents have
been collected, and the sad catalogue is still unfinished. A long array of noble
vessels are still out of time, unreported, and it is now evident that from many of
them we shall never hear again. These blows have come so thickly that our
marine insurance companies have staggered beneath their weight, and but for
their accumulated savings from more prosperous years, the strongest must have
gone down. The most notable failure is that of the Atlas, at New York, whose
assets are almost entirely exhausted.
Money has been more plenty during the month than for many previous months,
and has been easily obtained upon prime securities at 6 a 7 per cent for loans on
call, and 7 a 9 for longer engagements. Toward the close of the month there was
a little less ease at some of the principal money centers ; but this is not likely to
be of long continuance. The money for the Texan debt ($7,750,000) will be
paid from the United States Treasury on the 1st of June, as advertised by the
Secretary, and before that time the $1,400,000 remaining on account of the Mexi
can indemnity, will also be paid.
Mr. Fish, of New York, has introduced into the Senate of the United States a
measure designed to rid the country of the Spanish coin representing fractional
parts of a dollar. There are many objections to this description of currency. It
is a perpetual drag upon our beautiful decimal system, for so long as it remains
the small trader will make his reckonings in the fractions thus represented. The
coin are so worn that their intrinsic value is far less than their nominal contents,
while the poor are cheated in the way of change whenever they use them in their
purchases. The remedy proposed is to cut down their value by law to the deci
mal currency, making the sixteenths, eighths, and quarters of a dollar -worth, re
spectively, five, ten, and twenty cents, and to prohibit their circulation altogether
after two years. There is an abundance of new coin issued from our own mints,
now in the United States Treasury, to replace the whole of the Spanish coin
which is in circulation in the country.
The subject of the tariff is just coming before Congress. The plan proposed is
to make raw materials free, and to fix a uniform rate for silks, woolens, cottons,
and linens. Thirty per cent has been designated as the rate, and the bill prepared
by the Committee of Ways and Means is thus based. The present rate is 20 per
cent for linens, 25 per cent upon silks and cottons, and 30 per cent upon most
456
Commercial Chronicle and Review.
woolens. The new rate is an advance upon most of the schedule, and can hardly
receive the sanction of Congress. The principle of admitting raw materials free
appears to be sound, and has secured the approbation of a large majority of the
people of the country.
The suicide of John Sadlier, a large British banker, railway manager, real es
tate operator, &c., has excited much attention here, as well as in the United King
dom. He was largely trusted by many capitalists and corporations, and having
lost immense sums by speculations, commenced a career of fraud and forgery in
the desperate hope of regaining his fortune. Finding exposure inevitable, he took
a potion of bitter oil of almonds, and thus put an end to his earthly existence,
leaving behind him a full confession of his crimes. His defalcations reach, it is
said, the enormous sum of $5,000,000, and some estimate them at a still higher
amount. The age in which we live is full of beacons to warn the rash and wa
vering against the temptations which beset them, and to show the world that there
is no safety outside of the line marked by a conscientious regard for moral honesty.
Christian philosophers were sorely puzzled a year or two since by the appearance
of an autobiography, wherein a species of trickery (to call it by no harsher name)
was set forth as the means by which the author had worked his way to fame and
fortune. Reviewers condemned the principles of action while admitting the suc
cess ; but many good men grieved over the effect which such an example of pros
perity in the pursuit of wealth by doubtful expedients was likely to produce upon
the minds of the young. The more sagacious, however, had but little fear, and
reminded their timid brethren of the maxim, “ Count no man happy till he dies.”
They have not had long to wait for “ the beginning of the end.” The successful
schemer, the man who had piled his fortune so high that he could chuckle over
the deceits he had used in its foundation, has been before the courts to confess
himself a bankrupt; his house, his plate, his furniture sold, and his debts still un
paid ! He who was so cunning a deceiver that his name was proverbial, admits
that he is poor, and that notwithstanding he was such an adept in gulling others,
he was himself so easily beguiled as to be induced to indorse for a business ac
quaintance in blank, leaving the possessor of his name to fill up the notes with
$100,000 or $1,000,000 as he pleased! Here is a lesson for the men of business
throughout the wTorld. O hardy toiler in the field, the workshop, the countinghouse, the arduous profession, or on the heaving billow, it is not better to live by
practicing upon the credulity of your fellow-men than by honest labor, although
such a history of success was once published to the world. There is a sequel to
that history, yet unwritten, which reverses the gilded moral, and restores the rule
by which you have been guided through all these weary years ! We would not
recommend honesty solely as a measure of worldly policy. It were right to be
honest although truth led certainly to the dungeon or the stake ; and we believe
that no example of worldly success by dishonest means w'ould have caused the
steadfast hearts of our solid men—the Lawrences, the Perkinses, and their kin of
this generation—to swerve from the path of rectitude. But it is well, even in
this life, to have the baselessness of fictitious prosperity duly exposed, that those
who are governed by no higher motive, may not be led to trifle with those laws
which are sure, sooner or later, to vindicate their divine origin.
The Hew York banks have continued to expand, and the total of loans and
discounts is greater than ever before reached since banking first began in the city.
We annex a statement of the weekly average since the opening of the year:—
457
Commercial Chronicle and Review .
W EEKLY
Date.
Capital.
Jan. 5,1856.
Jan. 12.........
Jan. 19.........
Jan. 26.........
Feb. 2 .........
Feb. 9 .........
Feb. 16.........
Feb. 23.........
March 1 . . .
March 8 . . .
March 1 5 ...
49,453,660
49,453,660
49,453,660
49,692,900
49,692,900
49,692,900
49,692,900
49,883,420
49,784,288
49,784,288
49,784,288
AVERAGES NEW
YORK
Loans and
Discounts.
95,863,390
96,145,408
96,382,968
96,887,221
97,970,611
98,344,077
99,401,315
100,745,447
102,632,235
103,909,688
104,528,298
C IT Y
BANKS.
Specie.
Circulation.
Deposits.
11,687,209
11,777,711
13,385,260
12,733,059
13,640,437
14,233,329
15,678,736
15,835,874
15,640,687
15,170,946
14,045,024
7,903,656
7,612,607
7,462,706
7,506,986
7,622,827
7,819,122
7,693,441
7,664,688
7,754,392
7,888,176
7,863,148
83,534,893
77.931,498
82,652,828
78,918,315
82,269,061
82,848,152
88.0S5,944
87.680,478
88,604,377
88,749,625
88,621,176
W e also annex a continuation o f the weekly statement o f the Boston banks
W E E K L Y A V E R A G E S A T BOSTON .
February 25.
March 3.
March 11.
March 18.
Capital............................................. $31,960,000 $31,960,000 $31,960,000 $31,960,000
Loans and discounts....................... 52,121,922
51,891,472 51,969,700 62,297,000
Specie...............................................
3,377,879
3,395,180
3,540,800 3.779,000
7,686,618
7,737,920
8,231,500 7 ,700,000
Due from other banks.....................
Due to other banks.........................
6,247,850
5,912,394
5,912,800 6.096,000
Deposits..........................................
14,273,802
14,670,779 15,043,600 15,207,800
Circulation......................................
7,371,431
7,007,038
7,349,000 6,970,000
The following is the condition of the banks in Massachusetts as reported to
the Controller on the 3d of March, 1856 :—
CONDITION OF THE BANKS OF MASSACHUSETTS, MARCH
3d, 1856.
L I A B IL I T I E S .
133 country.
$26,277,000
12,396,021
6,124,102
2,934,483
Total.
$58,237,000
17,577,524
20,794,881
7,028,060
$47,731,606
$103,637,465
Notes, bills o f exchange, <Ssc.. . .
Specie............................................
Real estate....................................
$46,043,485
1,056,986
631,135
$97,934,957
4,452,166
1,250,342
Total...................................
$47,731,606
$103,634,465
36 city.
Capital..........................................
Net circulation...............................
Deposits........................................
Profit on h an d ..............................
Total...................................
RESOURCES.
The above statement exhibits, upon comparison with the 1st day of January
last, an increase in the item of deposits of $64,664, and of loans, $712,081; and
a decrease in the item of net circulation of $480,237, and of specie, $45,565.
The following summary shows the aggregate of the resources and liabilities of
the banks of the State of New York, as exhibited by their reports to the Super
intendent of the Banking Department, of their condition on the morning of Sat
urday, the 29th day of December, 1855. The report is made up from returns
from 286 banks and one branch. Two banks have finally closed. Two new banks
have organized since last report. The Ontario Bank and Branch and Bank of
Chenango (Safety Fund Banks) charters expired 1st of January, 1855. The
Bank of Chenango continues business as an Association. The Ontario Branch
Bank has organized as an Association, under the name of “ The President, Direc
tors, and Company of the Ontario Bank,” and the old Ontario Bank finally winds
u p :—
458
Commercial Chronicle and Review.
RESOURCES.
Loans and discounts.........
Overdrafts...........................
Due from hanks..................
Due from directors.............
Due from brokers...............
Real estate ........................
Specie...................................
$165,186,588 Cash items.........................
451.908 Stocks & promissory notes
14,091,582 Bonds and mortgages........
7,992,888 Bills of solvent banks.. . .
3,685,830 Bills of suspended banks..
5,999,524 Loss and expense account.
11,541,591 A dd for ce n ts ...................
T otal
$20,441,500
22,663,994
7,943,420
3,853,573
1,341
1,506,578
921
$253,182,471
LIABILITIES.
Capital.................................
Circulation...........................
Profits..................................
Due to banks.......................
Due to individuals <fc cor
porations, other than
banks and depositors..
$86,890,987
31,990,297
12,247,191
26,099,775
1,180,383
Due Treasurer of State of
New Y ork ....................
Due depositors on demand
Due to others, not included
under either the above
heads.............................
Add for cents.....................
Total
$6,483,562
85.644,313
2,646,452
511
$253,182,471
The returns of gold from California are no longer deposited on the Atlantic
side to the full amount received, the gold bars and coin from the California Mint,
especially the former, being exported to Europe without farther testing on this
side. The following is a statement of the business at the United States Assay
Office in New York during the month of February, 1856 :—
D E P O S IT S A T T H E ASSAV
O F F IC E , N E W Y O R K , F O R T H E M O N T H OF F E B R U A R Y .
Gold.
Foreign coins.....................................
Foreign b ullion ................................
Domestic bullion...............................
Total deposits
Silver.
$1,500 00
18,000 00
1,000,500 00
$ 1,020,000
00
Total.
$3,250 00
1,822 00
7,611 00
$12,683 00
Total deposits payable in bars..................................................................
Total deposits payable in coins.................................................................
Gold bars stamped......................................................................................
Transmitted to U. States Mint, Philadelphia, for coinage..................
$4,750 00
19,822 00
1,008,111 00
$1,032,683 00
900,000
132,683
8,288,701
3,550,066
00
00
99
12
Of the deposits of silver $311 was in North Carolina bullion. Of the gold
deposits $16,000 was in California Mint bars.
The following is a statement of the operations of the Mint in Philadelphia for
the month of February :—
GOLD DEPOSITS.
SILVER DEPOSITS.
From California........................ $3,793,850 Silver purchases.......................
Other sources............................
7,950
$105,700
Total.................................. $3,801,800
‘ SILVER COINAGE.
GOLD COINAGE.
38,466
31,195
103,921
93,156
83,660
double eagles.............
eagles...........................
half eagles.................
quarter eagles............
dollars........................
300,398 pieces.......................
$769,320
311,950
517,605
232,890
33,660
35,500 dollars.......................
1,660,000 quarter dollars.........
$1,867,425
30,190 cents...........................
$35,500
415,000
1,695,500 pieces........................... $450,500
COPPER COINAGE.
$301 90
450
Commercial Chronicle and Review.
The receipts of foreign goods and merchandise have been larger than expected,
notwithstanding the number of vessels lost, and the long passages made by others.
The long cold season has prevented the usual activity in the demand for consump
tion, as hereinbefore noticed, and many have been compelled to sell their goods
out by auction at a greater or less sacrifice, instead of disposing of them at pri
vate sale during the early part of the season. The imports at Xew York for
February are #3,954,801 larger than for February of last year, #4,940,703 larger
than for the same month in 1854, but §1,445,637 smaller than for February 1853.
We annex our usual monthly comparison :—F O R E IG N
IM PO R TS AT
NEW
YORK
IN
FEBRUARY.
1851.
1851.
1855.
1856.
Entered for consumption___
Entered for warehousing.. . .
Free goods...............................
Specie and bullion.................
$14,578,018
1,01-1,564
1,767,908
123,430
$9,426,206
923,480
466,506
279,388
$8,315,268
2,237,394
1,461,465
67,355
$12,521,622
1,486,259
1,956,155
72,247
Total entered at the port... .
Withdrawn from warehouse.
$17,481,920
830,552
$11,095,580
1,954,010
$12,081,482
2,563,274
$16,036,283
2,049,067
The receipts of free goods have increased nearly half a million of dollars. A
much larger proportion than usual of the imports have been entered directly for
consumption, the increase in dutiable goods being wholly included under that
heading. The imports since Januai'y 1st are now #6,587,038 in excess of the
corresponding two months of last year, $910,948 in excess of the total for the
same period of 1854, and $691,457 in excess of the comparative total for 1853 :
F O R E IG N IM P O R T S A T
NEW
YORK
FOR
TW O
M ONTHS
1851
FROM
185-1.
JA N U A R Y
1855.
1ST.
1856.
Entered for consumption ........... $26,143,423 $24,077,621 $16,685,527 $25,078,260
Entered for warehousing..............
1,654,843
3,195,456
5,492,048
3,11 1,513
Free goods .....................................
2,970,146
1,861,569
2,692,095
3,297,963
Specie and bullion .......................
156,478
568,753
167,639
126,611
Total entered at the p o r t . . . $30,922,890 $30,703,399 $25,027,309 $31,614,347
Withdrawn from warehouse.
2,366,887
4,843,526
4,621,205
4,392,675
In continuation of our monthly statements of the imports of foreign dry goods
at the same port, we have compiled the total for the four weeks ending February
22d, which embraces the same time that was included in the corresponding tables
for previous years. It will be seen that the total receipts for the four -weeks were
$1,516,842 larger than for the corresponding period of last year, but #640,385
less than for the same time in 1854, and $1,640,098 less than for the same time
in 1853 :—IM P O R T S O F F O R E I G N D R Y
GOODS AT TH E
P O R T O F N E W Y O R K F O R F O U R W E E K S E N D IN G
FEBRUARY
ENTERED
FOR
22D.
C O N S U M P T IO N .
1851.
Manufactures of w o o l ...................
Manufactures of cotton...................
Manufactures of silk......................
Manufactures of flax......................
Miscellaneous dry goods................
$2,367,171
1,977,027
2,871,017
909,457
597,320
T o ta l............................................
$8,721,992
185-1.
$1,491,198
1,390,078
3,278,285
610,903
656,785
$7,427,249
1855.
1856.
$1,258,962 $1,420,779
1,037,896 1,699,871
1,648,411 2,491,361
409.252
850,363
450,164
582,033
$4,804,685
$7,044,407
460
Commercial Chronicle and Review .
W IT H D R A W N
FROM
W AREH O U SE.
1851
Manufactures o f w o o l...................
Manufactures o f c o tto n ...............
Manufactures of s ilk .....................
Manufactures of f l a x ...................
Miscellaneous dry g o o d s .............
$107,751
145,055
96,755
37,386
29,016
T o t a l........................................
Add entered for consumption.. . .
§415,963
8,721,992
Total thrown on the m arket.
$9,137,955
ENTERED
FOR
1854.
1855.
1856.
$306,481
507.388
458,830
206,206
133,888
$180,306
428,496
270,421
238,105
59,195
$1,319,631 $1,612,793
7,427,249
4,804,685
$1,176,523
7,044,407
$6,417,478
$8,220,930
$281,252
461,957
331,118
190,523
54,781
$8,746,880
W A R E H O U S IN G .
1851
1854.
1855.
1856.
$122,322
160,182
265,427
50,254
29,565
$201,365
207,111
434,912
160,334
89,355
$62,002
113,424
133,136
47,221
14,414
8,721,992
$627,740
7,427,249
$1,093,077
4,804,685
$370,197
7,044,407
Total entered at the p o r t . . . . . . $9,054,702
$8,054,989
$5,897,762
$7,414,604
Manufactures o f w ool...............
Manufactures o f c o tto n ...........
Manufactures of s ilk ................ ___
Manufactures of flax.................
Miscellaneous dry g o o d s .........
Total...................................
Add entered for consumption. ___
86,220
5,528
This leaves the total receipts o f foreign dry goods at that port, since January
1st, §6,573,220 in excess o f the corresponding eight weeks o f last year, §186,084
less than for the same time in 1854, and §481,855 more than for the same time
in 1853
IMPORTS OF FOREIGN DRY GOODS AT THE PORT OF NEW YORK FOR EIGHT WEEKS, FROM
JANUARY 1ST.
ENTERED FOR CONSUMPTION.
1851
Manufactures of w o o l............. . . .
Manufactures of co tto n ...........
Manufactures of s ilk ...............
Manufactures of flax.................
Miscellaneous dry goods.......... . . .
$3,981,543
3,720,195
6,254,182
1,779,917
1,075,781
Total......................................
1854.
$3,162,449
4,016,894
6,251,266
1,583,747
1,288,657
$16,303,013
1855.
$2,248,884
2,020,977
2,661,032
993,743
922,939
1856.
$3,598,111
4,224,822
5,536,969
1,663,927
1,301,471
$8,847,575 $16,325,300
WITHDRAWN FROM WAREHOUSE.
1851
Manufactures o f w o o l.............
Manufactures o f co tton ...........
Manufactures of s i l k ...............
Manufactures of f l a x ...............
Miscellaneous dry goods.........
Total w ithdraw n................. . . .
Add entered for consumption . . .
310,442
433,337
$1,140,704
16,811,618
1856.
1854.
1855.
$562,658
905,013
837,601
312,136
89,457
$494,804
772,918
728,267
302,124
215,407
$366,594
835,101
553,293
366,S97
109,909
$2,706,865
16,303,013
$2,613,520
8,847,575
$2,231,794
16,325,300
Total thrown upon the market. $17,952,322 $19,009,878 $11,361,095 $18,567,094
461
Commercial Chronicle and Review.
ENTERED FOR WAREHOUSING.
Manufactures o f w o o l .................
Manufactures of co tto n ...............
Manufactures o f s ilk ....................
Manufactures of flax.....................
Miscellaneous dry g o o d s .............
Total......................................
Add entered for consumption... .
1853.
1854.
$162,9S2
230,097
319,979
17,044
77,850
$361,832
731,652
648,120
204,467
38,875
$508,681
755,046
783,754
388,205
244,894
1855.
$344,086
681,562
428,032
238,379
84,016
$807,902 $1,984,446
16,811,618 16,303,013
$2,680,580
8,847,575
$1,776,075
16,825,300
1856.
Total entered at the port . . . $17,619,520 $18,287,459 $11,528,155 $18,101,375
The exports from New York to foreign ports, exclusive of specie, show a cor
responding increase, notwithstanding the severity of the weather, which has greatly
retarded shipments. The total exports of merchandise and produce for the month
is $1,041,118 greater than for February of last year, only $351,888 less than for
the same time of 1854, and §2,046,882 greater than for the same time in 1853 :—
EXPORTS
FROM
NEW
TORE
TO
F O R E IG N
PORTS
FOR
TH E
M ONTH
OF FEBRUARY.
1851.
1854.
1855.
1856.
Domestic produce...........................
Foreign merchandise (free)...........
Foreign merchandise (dutiable)....
S p e cie...............................................
$3,325,005
63,197
171,125
1,121,020
$5,400,924
156,434
400,739
579,724
$3,154,265
812,226
598,601
2,123,708
$5,408,990
53,275
143,944
1,204,343
Total e x p o rts ..............................
Total, exclusive o f specie..........
$4,680,847
3,559,327
$6,537,821
5,968,097
$6,688,799
4,565,091
$6,810,552
6,606,209
In the exports of domestic produce, the increase for the month, as compared
with last year, is upwards of §2,000,000, and would have been still more but for
the impediments to navigation. Exports from New York since January 1st, ex
clusive of specie, are §656,831 larger than for the corresponding two months of
last year, only §685,453 less than for the same time of 1854, and §4,259,184
greater than for the same time in 1853, as will appear from the annexed com
parison :—
EXPORTS
FROM
NEW
Y O R K TO F O R E IG N P O R T S F O R T W O
1851.
M O N TH S, FROM JA N U A R Y
1854.
Domestic produce........................... ' $6,315,629 $10,705,127
227,958
105,771
Foreign merchandise (fre e ).. . . . . .
436,855
869,807
Foreign merchandise (dutiable)...
2,425,406
1,868,699
Specie...............................................
Total exports .................
Total, exclusive of specie
1855.
1ST.
1856.
$8,151,061 $10,666,676
94,580
1,270,317
1,039,240
356,183
2,280,106
1,309,177
$8,726,954 $14,228,298 $12,740,714 $12,426,616
6,858,255 11,802,892 10,460,608 11,117,439
It will be a matter of interest to many of our readers to trace the progress of
our foreign Commerce from the commencement of the fiscal year, and for this pur
pose we have brought forward the totals from July 1st:—
462
Commercial Chronicle and Review.
F O R E IG N
IM P O R T S AT N E W
YORK
FOR
E IG H T
JU LY
M O N TH S
O F T H E F IS C A L Y E A R , CO M M EN CIN G
1ST.
185.1-4.
Six months................................................
Janu ary....................................................
February....................................................
f9fi.261.129
19,607,819
11,095,580
Total eight months...........................
$126,964,528
1854-5.
1855-6.
$86,558,097
12,945,827
12,081,482
$89,912,809
15,578,064
16,036,283
$111,585,406
$121,527,156
The increase in the imports during the last eight months is §9,941,750, and the
total is only §5,437,372 less than for the same time in 1853-4. The most grati
fying feature of the exhibit is found in the comparative exports of produce, the
totals of which are annexed:—•
E X P O R T S (E X C L U S I V E O F S P E C IE ) F R O M N F.W Y O R K
T O F O R E IG N P O U T S F O R E IG H T M ONTHS,
C O M M E N C IN G J U L Y 1 .
1851-4.
Six months..................................................
January......................................................
February.....................................................
Total for eight months.
1854-5.
1855-6.
$37,975.S95
5.844,795
5.958,097
$28,892,747
5.895,517
4,565,091
$39,915,729
5.511.230
5,606,209
$49,778,787
$39,353,355
$51,033,168
This shows a gain, compared with the previous year, of §11,679,813, and the
total is even §1,254,381 greater than the very large amount for the same period
of 1853-4. The increase in the imports since the commencement of the fiscal
year has been only 9 per cent, while the increase in exports has been about 30
per cent.
The cash revenue is, of course, increasing, and the Sub-Treasury is rapidly fill
ing up, preparatory to the depletion in June. The following will show the re
ceipts for customs at this port since the opening of the fiscal year :—•
CASH
D U T IE S
R E C E IV E D
1854.
Six months ending January 1st.
January.........................................
February........................................
Total 8 m onths......................
AT
NEW
YORK.
1855.
1856.
$21,920,896 35 $18,358,927 32 $20,087,362 28
4,379,285 32
2,560,038 32
3.683 654 85
2,867,294 50
2,665,164 94
3,576,919 14
$29,167,476
15 $23,584,130 58
$27,347,936 27
The increase in the cash revenue for February is less in comparison than the
difference in imports, on account of the increase in free goods. The total for the
last eight months is §3,763,705 69 greater than for the same period of the previ
ous year, and only §1,819,539 89 less than for the same period of 1853-4. It
will need no increase in the tariff to give the Treasury all that it needs. The
cash duties received at the Philadelphia custom-house, for the month of February,
1856, was §64,904 64.
The shipments of domestic produce have been large, considering the difficulty
of transportation and the small supply upon the seaboard. The following will
show the comparative exports from New York from January 1st to March 17th.
463
Commercial Chronicle and Review.
EXPORTS
OF
C E R T A IN
A R T IC L E S O F
PORTS
Ashes— pots . . . .bbls
pearls...........
Beeswax................ lbs.
FROM
1855.
2,166
495
31,066
B r e a d s t u f fs —
Wheat flour . .bbls.
Rye flo u r...............
Corn meal...............
R y e .........................
Oats .......................
C orn .......................
Candles— mold.Loxes
sperm.........
Coal.......................tons
Cotton................. bales
H ay..............................
H ops............................
111,799
7,903
11,545
29,803
5,139
12,111
948,190
11,680
2,976
1,741
42,558
1,835
3,074
D O M E S T IC
JA N U A R Y
1ST
PRODUCE
TO
FR O M
MARCH
NEW
YORK
TO
F O R E IG N
l7l'H:---
1856.
1856.
1855.
59,185
1,846 Naval sto re s .. . .bbls. 162,927
81,892
490 Oils— w h a le.. . ga)ls.
49,678
36,578
sperm .
24,220
122,717
19,873
lard . . . .
4,623
2,092
linseed .
2,537
350,289
6,383 P r o v i s i o n s —
54,752
13,658
Pork............... :)bls.
51,574
30,420
31,030
403,034
7,609,889 9,098,275
Cut meats, lbs
388,468
140,684 118,982
B u tte r.........
6,400
707,894
718,684 670,020
Cheese............
3,470,482 5,730,118
10,633
L ard...............
8,851
954 R i c e .................
4,887
906 fallow ............... ..lb s. 1,011,218 658,425
13.724
13,489
72,370 Tobacco, crude, .pkgs
821 Do., manufactured.lbs. 719,868 914,514
146,435
91,393
1,270 Whalebone . . . .
The prospect of peace in Europe has diminished the demand for American
produce, and especially for breadstuffs, which have continued to droop. Many
expect a renewal of the export trade, with a brisk inquiry, as soon as the stocks
in Europe are a little diminished ; and if the deficiency is as great as represented,
this ought to be the case. Many fortunes have been lost by speculations in pro
visions, and especially in pork. The price of mess pork declined rapidly from
$23 to $15 50, and some holders who sought to control the market went down with it.
Much excitement has been created by the seizure of the Nicaragua Transit
Co.’s property by General Walker, the revolutionary president of that republic,
upon the plea that the company owTed the State largely for transit dues. Several
large stockjobbing operations at New York gave color to the charge that the
whole scheme was originated in that city, and chiefly for the purpose of depress
ing the market for the benefit of those who had sold the stock short. Meanwhile
the business of the line has been interrupted and much feeling has been created by
the whole movement.
NEW YORK COTTON MARKET FOR THE MONTH ENDING MARCH 21.
P R E P A R E D FOR T H E M E R C H A N T S ’ M A G A Z I N E , BY UH LI IO RN &
FREDERICKFON, B R OKE R S, NE W YO RK .
Our last report ended Feb. 22, the market closing buoyantly, with large sales,
The week ensuing, and indeed throughout the entire month, our market assumed
an irregular aspect, and prices often varied without apparent cause {<:. a |c. per
lb., during twenty-four hours. The total decline during the month being ^e. a fc.,
and a gain to be deducted, of Jc. a f c. per lb. Our own spinners, owing to a re
sumption of internal communication, have been large purchasers. Exporters have
bought freely of cottons in transitu, while a change in crop opinions, based on
enormous receipts, together with the unusual secrecy observed by the Peace
Conference, in session at Paris, has imparted to many others besides speculators,
a feeling of distrust in the present rates, and the probability of renewed hostilities
in Europe. Looking at facts, as represented in the consumption, both abroad
and at home, it is not improbable that the figures ruling at present may prove
the minimum, even for a crop of three-and-a-half million bales. Manufactured
stocks, both in Europe and America, are represented to be small, and the late ap
plication abroad of cotton to many of the purposes of flax and hemp, imparts an
464
Commercial Chronicle and Review.
additional value and permanency to the staple. The large and steady increase of
capital in manufacturing, both abroad and at home, offers an increasing compe
tency for the article, on which England's peace is maintained, and the growth of
her empire extended. Manufacturing is the lever that moves the world, and that
government which affords to it its greatest encouragement will always maintain
among the ranks of nations the first position.
The total receipts now show an increase over last year of 858,000 bales, being
a gain of over 200,000 bales since our last. In exports there is an increase to
Great Britain of 160,000 bales; to France, 125,000 bales; total increase, 451,000
bales; stock on hand in excess of last year, 256,000 bales.
With easier foreign advices as regards cotton, and increased receipts at the
South, our market for the week ending February 29th declined |c. a lc. per
pound, on sales of 10,000 bales, inclusive of 5,500 bales in transitu. The mar
ket, however, closed with steadiness at the annexed figures, and small offerings on
the part of sellers :—
P R IC E S
ADOPTED
FEBRUARY■
29th
for the F O L L O W I N G Q U A L IT IE S
Upland.
Ordinary.................................... .......
Middling..................................... . . . .
Middling fa ir ...........................
Fair............................................
Florida.
*.—
Mobile. N. 0 . & Texas.
9
9
91
91
1 0 i
1 0 f
1 0 i
10|
H
i
H f
H t
l l i
H
f
I l f
12
F o r the week ending March 7th a further decline o f ic . per pound took place,
on sales o f 8,000 bales, inclusive o f 3,500 bales in transitu. Holders were free
sellers, and, in conjunction with parcels offered b y speculators, there was a better
selection on sale at the following rates:—
P R IC E S A D O P T E D M A R C H 7th for the following Q U A L I T I E S :--M obile. N. 0 . & Texas.
Upland.
Florida.
Ordinary.................................... ........
8 f
9
91
8 f
Middling.................................... ______
10
lo t
101
1 0 f
11
Middling fa ir ........................... . . . .
lO f
H I
H i
F a ir............................................ .......
H I
H f
H f
H i
The transactions for the week ending March 14th did not exceed 9,000 bales,
at a further decline of lc. per pound. Opinions in regard to the increased esti
mates of the crop being more general, and our own stock on hand believed to be
larger than estimated, caused buyers to pause and sellers to be anxious to realize.
Our market closed without spirit at the following nominal quotations :—
PRICES ADOPTED MARCH 14TH FOR THE FOLLOWING QUALITIES:--Upland.
Florida.
M obile. N .O .& Texas.
Ordinary.............................................
M iddling............................................
Middling fair.....................................
F a ir....................................................
8t
9f
101
10f
8t
91
lO f
11
8£
10
11
Ilf
8f
101
Hi
HI
A t the commencement of the week closing at date, our market opened with ac
tivity and advancing prices. The sales, inclusive of those in transitu, reached
14,000 bales, and the market closed firm at the annexed quotations, with small
offerings. With an advance in freights and increasing receipts, the above improve
ment must be placed to the continued enormous consumption abroad and the free
purchases on the part of our own spinners :—
PRICES ADOPTED MARCH 21ST FOR THE FOLLOWING QUALITIES:—
Upland.
Florida.
Mobile. N. O. & Texas.
Ordinary.............................................
M iddling................................................
Middling fa ir....................................
Fair.....................................................
8f
10
lO f
11
8f
101
11
lli
8f
101
Ilf
lli
9
101
llj
I lf
Journal o f Banking , Currency, and Finance.
465
JOURNAL OF BANKING, CURRENCY, AND FINANCE.
THE BOSTON AND NEW YORK STOCK MARKETS.
We have a double purpose in publishing the following communication in this
department of the Merchants’ Magazine at this time. In the first place we wish
to record our high appreciation of the labors of Mr. J o s e p h G. M a r t i n , which
have been for several years sedulously devoted to the preparation and publication
in various forms, correct information pertaining to every description of stocks, in
New England, and in the second place renew the suggestions made in our letter
to the editor of the Boston Transcript, touching the New York stock market
We are inclined to think, that as the first edition of Mr. Martin’s valuable work
is nearly exhausted, it would be well for some competent and reliable person in
New York, familiar with the operations of the stock market in the last mentioned
city, in connection with Mr. Martin, to combine the two works in one volume,
which would form a permanent and valuable standard for present and future re
ference.
T h o m ps o n , W in d h a m
Co., Conn., March 1st, 1856.
D ear Sir :— The inclosed slip I cut from the Boston Daily Advertiser. I have
for some years taken the Merchant's Magazine, and also the Banker’s Magazine,
and with pleasure I notice your commendatory remarks respecting Martin’s Stock
List, &c. Upon their first appearance I addressed a note to Mr. Homans, of the
Bankers’ Magazine, suggesting that a similar publication with Martin’s List,
for the New York Market, would sell all over the country, and inquired whether
he would not undertake to compile one for the profit, that the public interest might
be promoted by the reading of it. Cannot you think of some one in New York
who would easily compile from the different sources, easily accessible, such a work.
Yours respectfully,
F reeman Hunt, Esq.
WM. H- CHANDLER.
We give the “ slip referred to in Mr. Chandler’s letter, as “ cut ” from the Bos
ton Daily Advertiser :—
“ M a r t i n ' s T w e n t y -O n e Y e a r s i n t o e B o sto n S t o c k M a r k e t .—We copy
with pleasure, the following testimonial, from Freeman Hunt, Esq., editor of the
Merchants’ Magazine, in favor of Mr. Martin’s valuable History of the Boston
Stock Market:—
“
O ffice M e r c h a n t s ’ M a g a z in e ,
New York Feb.
6,1856.
“ To t h e E d i t o r o f t h e T r a n s c r ip t :— In a brief notice of the February No.
of the Merchants’ Magazine, you say, you ‘ are glad to observe that Mr. Hunt
appears to duly appreciate Mr. Joseph J. Martin’s valuable tables of the Boston
Stock Market,’ &c. I certainly do appreciate them very highly, and regret that a
notice I had prepared, expressing my opinion of the value of Mr. Martin’s exceed
ingly useful and interesting tables, was crowded out of the last number of my
magazine. I regret that we havejio' gentleman connected with stock operations
in New York, disposed to devote the same degree of fidelity and industry to the
preparation of a similar view of the New York Stock Market. The pamphlet of
Mr. Martin contains in a ‘ nut-shell ’ a vast amount of useful and interesting mat
ter on all topics falling within its scope. Very truly yours,
FREEMAN HUNT.
“ We understand that the edition is nearly exhausted, and that the work will
not be reprinted. Mr. Martin has had some copies bound in a convenient style
for preservation, which can be obtained at his office, No. 10 State Street.”
VOL. xxxiv.— no. iv.
30
466
CONDITION OF THE BANES OF KENTUCKY, FROM 1851 TO 1858.
J anuary 1, 1855.
C a pital.
C ircu la tio n .
C o in .
N o te s D ie.
B ills o f
E x ch an ge.
N otes
a n d B ills.
D iie from
B a n k s.
D u e to
Bank 8.
D e p o s it s .
S usp ended
D eb t.
$ 3 ,7 0 0 ,0 0 0
$ 2 ,0 6 7 ,1 0 6
$ 9 3 5 ,5 2 7
$ 2 ,0 0 0 ,4 9 1
$ 3 ,9 7 1 ,1 6 6
$ 5 ,9 7 1 ,6 5 7
$ 1 ,1 6 0 ,1 2 4
$ 9 0 1 ,6 7 3
$ 6 7 0 ,9 7 3
$ 8 0 ,1 4 6
2 ,2 5 0 ,0 0 0
1 ,2 4 1 ,2 0 2
7 9 7 ,9 4 3
9 7 8 ,1 9 4
2 ,4 1 5 ,9 7 3
3 ,3 9 4 ,1 6 7
6 2 2 ,7 7 2
4 0 2 .9 4 8
6 9 8 ,3 9 0
1 3 0 ,1 1 3
1 .0 8 0 ,0 0 0
9 3 9 ,4 9 7
8 7 1 ,2 9 3
3 2 3 ,1 6 4
1 ,3 0 1 .5 3 8
1 ,6 2 4 ,7 0 2
7 8 1 ,1 0 4
6 1 3 ,7 9 5
2 2 9 ,4 3 3
2 7 ,9 2 6
1 ,4 8 8 ,0 7 5
2 ,1 8 0 ,1 2 9
8 4 8 ,8 9 4
2 9 5 ,4 8 2
2 0 7 5 ,0 9 2
2 ,3 7 0 ,5 7 4
3 3 7 ,4 8 5
2 1 3 ,4 6 7
2 1 8 ,1 0 6
7 3 ,8 0 5
1 ,4 0 5 ,0 6 0
1 ,6 6 9 ,3 5 1
9 0 8 ,3 0 5
7 0 8 .3 3 5
2 ,0 4 9 ,5 4 2
2 ,7 5 2 .8 7 7
4 1 1 ,4 8 1
4 1 4 ,5 0 4
3 2 3 ,4 1 2
2 5 ,7 0 4
4 2 0 ,8 5 3
5 8 1 ,6 6 1
2 8 7 ,5 7 5
1 2 0 ,5 9 7
6 9 1 ,8 5 9
7 1 2 ,4 5 6
1 1 4 ,1 2 2
3 1 ,2 4 3
6 6 ,3 0 8
6 ,2 8 4
T o t a l ................................................
1 0 ,3 4 8 ,9 8 8
8 ,6 2 8 ,9 4 6
4 ,1 4 9 ,5 4 1
4 ,4 2 1 ,2 6 4
1 2 ,4 0 5 ,1 7 1
1 6 ,8 2 6 ,4 8 6
3 ,3 1 7 ,0 9 0
2 ,5 7 7 ,6 3 3
2 ,1 9 6 ,6 2 4
3 4 3 ,9 8 1
D e p o sits.
S usp ended
D e b t.
J anuary 1 , 1 8 5 6 .
C a p ita l.
B a n k o f K e n t u c k y ..............................
N o r t h e r n B a n k o f K e n t u c k y .___ _
B a n k o f L o u i s v i l l e ..............................
S o u t h e r n B a n k ......................................
F a r m e r s ’ B a n k ........................................
C o m m e r c ia l B a n k ................................
T o t a l ...................................................
C ircu la tion .
C o in .
B ills o f
E x ch a n ge.
N o te s
a n d B ills.
D u e fro m
B a n k s.
D u e to
B u nks.
$ 3 ,7 0 0 ,0 0 0
$ 2 ,8 4 0 ,8 4 7
$ 1 ,0 2 5 ,3 0 7
$ 2 ,1 5 4 ,9 2 8
$ 4 ,6 6 8 ,3 7 8
$ 6 ,8 2 3 ,3 0 6
$ 9 8 2 ,4 8 8
$ 1 ,0 8 2 ,8 3 7
$ 8 8 8 ,8 4 0
$ 6 7 ,9 7 9
2 ,2 5 0 ,0 0 0
2 ,3 3 8 ,6 0 1
9 3 9 ,9 5 9
1 ,3 2 9 ,1 1 5
3 ,0 5 8 ,4 7 6
4 ,3 8 7 ,5 9 1
6 9 1 ,5 0 5
6 3 8 .7 5 1
8 9 4 ,7 0 8
7 6 ,5 7 3
1 ,0 8 0 ,0 0 0
1 ,5 5 4 ,7 9 4
5 8 2 ,3 9 1
3 6 9 ,8 1 1
1 ,9 6 0 .4 5 9
2 ,3 3 0 ,2 7 1
4 5 3 ,4 0 2
2 9 7 ,4 6 8
3 6 ,9 3 8
1 ,4 0 5 ,0 6 0
2 .1 4 9 ,9 8 2
8 4 8 ,4 9 0
8 9 7 .7 5 9
2 ,3 5 1 ,1 5 4
3 ,2 4 8 ,9 1 3
4 3 1 .6 5 7
2 4 3 .6 3 8
1 9 4 .2 2 7
4 2 5 ,5 9 1
5 5 ,8 4 7
1 ,4 9 4 ,2 2 0
2 ,8 6 0 ,8 5 1
9 0 2 ,4 1 8
8 7 8 ,6 7 2
2 ,5 4 5 ,7 8 9
2 ,9 2 4 ,4 6 1
1 4 9 ,0 2 5
1 1 0 ,2 0 7
2 4 0 ,0 6 4
8 5 ,4 4 4
4 7 5 ,5 4 2
8 8 9 ,4 5 8
3 1 1 ,4 4 9
1 8 2 ,2 7 6
1 ,0 5 3 ,9 6 1
1 ,2 3 6 ,2 2 7
4 3 ,4 6 3
7 6 ,4 5 5
1 3 6 ,5 9 7
2 5 ,1 7 2
1 0 ,4 0 4 ,8 2 2
1 2 ,6 3 4 ,5 3 3
4 ,6 1 0 ,0 1 6
5 ,3 1 2 ,5 6 3
1 5 ,6 3 8 ,2 0 9
2 0 ,9 5 0 ,7 7 2
2 ,5 4 1 ,7 7 8
2 ,6 5 5 ,8 8 2
2 ,5 2 2 ,6 9 2
3 4 7 ,9 5 5
D u e fro m
B a n ks.
D u e to
B a n k s.
A
C a pital.
J a n u a r y 1 , 1 8 5 1 .......................................
N o te s Di8.
C ircu la tio n .
g g r eg ates
C o in .
FROM 1 8 5 1 to 1 3 5 6 .
N o te s D is .
B ills o f
E x ch a n g e
N otes
a n d Bills.
D ep osits.
S usp ended
D e b t.
$ 7 ,0 3 0 ,0 0 0
$ 7 ,0 5 0 ,4 3 7
$ 2 ,4 7 5 ,1 5 3
$ 4 ,8 5 2 ,9 6 9
$ 6 ,8 6 0 ,6 3 6
1 1 ,7 1 3 ,6 0 6
$ 2 ,3 1 3 ,5 2 7
$ 1 ,1 8 7 ,0 7 3
$ 1 ,7 1 1 ,9 2 7
$ 2 2 2 ,1 9 2
“
1 8 5 2 .......................................
8 ,1 0 8 ,8 2 5
8 ,5 6 1 ,1 2 1
3 ,4 1 8 ,0 3 5
5 ,1 1 0 ,7 2 6
9 .4 2 2 ,2 6 7
1 4 ,5 3 2 ,9 9 4
2 ,3 4 8 ,1 8 0
2 .1 8 3 ,0 4 2
1 ,8 3 0 ,8 3 4
2 1 3 ,4 9 5
“
1 8 5 3 .......................................
9 ,0 7 6 ,4 3 6
1 1 ,7 0 2 ,7 6 7
4 .3 9 1 ,2 4 1
5 ,2 6 8 ,2 8 3
1 1 ,9 5 3 ,7 5 6
1 7 ,2 2 2 ,0 3 9
4 ,5 6 9 ,0 7 7
8 ,1 8 3 ,2 7 3
2 ,4 2 2 . 0 4 6
2 1 7 ,2 0 1
“
1 8 6 4 .......................................
1 0 ,8 2 2 ,2 5 0
1 3 ,5 7 3 ,5 1 0
4 ,5 9 4 ,3 6 9
4 ,8 1 2 ,5 7 4
1 3 ,6 6 8 ,5 9 2
2 0 ,7 2 8 ,1 9 2
2 ,8 0 9 ,7 9 7
2 ,7 4 8 ,3 6 2
“
1 8 5 5 .......................................
1 0 ,3 4 3 ,9 8 8
8 ,6 2 8 ,9 4 6
4 ,4 2 1 ,2 6 4
1 8 0 ,2 9 7
8 4 3 ,9 8 1
1 0 ,4 0 4 ,8 2 2
1 2 ,6 3 4 ,5 3 3
2 0 ,9 5 0 ,7 7 2
2 ,5 4 1 ,7 7 8
2 ,5 7 7 .6 3 3
2 ,5 5 5 ,8 8 2
2 ,1 9 6 ,6 2 4
1 8 5 6 .......................................
1 2 ,4 0 5 , 1 7 1
1 5 ,6 3 8 ,2 0 9
1 6 ,8 2 6 ,4 3 6
“
4 ,1 4 9 ,5 4 1
4 ,6 1 0 ,0 1 6
3 ,9 6 1 ,7 6 7
3 ,3 1 7 ,0 9 0
2 ,5 2 2 ,6 9 2
3 4 7 ,9 5 6
5 ,3 1 2 ,5 6 3
Journal o f Banking, Currency, and Finance.
B a n k o f K e n t u c k y ..............................
N o r t h e r n B a n k o f K e n t u c k y ..........
B a n k o f L o u i s v i l l e ..............................
S o u t h e r n B a n k .......................................
F a r m e r s ’ B a n k ........................................
C o m m e r c ia l B a n k .................................
I
46 7
Journal o f Banking, Currency , and Finance.
SOCIETIE GE3IERALG DE GREDIT MOBILE!!,
The following account of the “ Credit Mobilicr,” at Paris, is translated from a
new Manual of the Funds, published in Paris.
The Societie Gencrale do Credit Mobilier is a joint-stock company, (societie
anonyme,) authorized by decree of Nov. 18th, 1852. Social capital GO,000,000
francs, in 120,000 shares of 500 francs each, entirely paid up, payable to bearer.
Offices, 15 Place Yendome, Paris. Duration of the society ninety-nine years
from Nov. 18,1852. Its operations consist:—■
1. In dealing in all kinds of public securities, and securities of companies, par
ticularly those of railways, canals, mines, and other public works, established or
to be established.
2. It may issue its own bonds (sex propres obligations) equal to the amount of
the sum employed in purchasing or subscribing for shares.
3. It sells or pledges every kind of share, or bond, or obligation, or exchanges
them for others.
4. It offers for all kinds of loans, cedes or sells them, and all kinds of public
works.
5. It lends on public funds, on the deposit of shares and other securities, and
opens correct credit accounts on the deposit of any of these various obligations.
6. It receives money on accounts current, &c.
7. It undertakes the business of companies, to pay their dividends, and gener
ally does all their business.
8. It takes charge on deposit of all titles to shares in these various enterprises.
All other operations are prohibited.
It is expressly understood that it never deals in time bargains. After the com
plete employment of “ social ” funds of the company, the obligations created by it
may amount to ten times its capital, or six hundred million francs. The aggre
gate amount of the deposits received on accounts current, and the obligations
created for a less time than a year, arc not to exceed the double of the capital
realized.
The affairs of the company are administered by a council of fifteen ; an execu
tive committee of five administrators executes the decisions of the council. The
general meeting takes place in April. It is composed of two hundred largest
shareholders. A quorum may be formed by forty members representing the
tenth part of the social capital. Each member of the assembly has as many votes
as he has multiples of forty shares, but is never to have more than five votes.
Every year’s accouuts are closed on December 31st.
The net profits are thus appropriated :—five per cent as the interest of the cap
ital of the shares subscribed ; five per cent on the reserve, which is not to exceed
two millions of francs. The surplus belongs, one-tenth to the administrators;
nine-tenths to be distributed among the shareholders. The two first years gave
the two following results :—
1851,
1851.
Gross profits......................................francs
Expenses....................................................
7.582,722 96
2,158,551 09
10.335,040 28
2,510,467 29
Net profit...........................................
5,424,161 27
7,824,572 99
1,830,000 00
179,708 05
341,445 32
3,000,000 00
3,000,000 00
241,228 64
458,334 43
4,080,000 00
45,000 92
Thus distributed :—
Interest at 5 per cent on shares...............
R eserve......................................................
To theadministrators................................
Dividends....................................................
Sank as fixed ca p ita l...............................
Transferred to next year.................
T o t a l...................................................
73,077 90
5,424,161 27
7,824,572 99
468
Journal o f Banking , Currency , and Finance.
Consequently, the shareholders received for the year 1853 interest at five per
cent on the capital paid up, besides a dividend of twenty-five francs, or, calcu
lating the average of the periods of paying up the capital, 13.40 per cent; and
for the year 1854, 25 francs as interest of capital at five per cent, and 34 francs
as dividend, say 59 francs, or 11.80 per cent on the capital paid up.
The highest and lowest pricey of its shares were, in
1852
...............................francs
1853 ..................................................
1854 ..................................................
Highest
Lowest.
1,185 00
980 00
192 60
880 00
646 00
430 00
The high price in 1852 (1,785 francs) was the price of the shares first issued,
the owners of which had a right to receive the shares of the second and third
issues at par. The advantage of this was estimated at 755 francs, reducing the
price deprived of this advantage for comparison with the price at subsequent pe
riods to 1,030 francs. The shares yesterday were 1,570 to 1,585 ; the day before
they were done at 1,540 francs.
The administrators of the company are— Messrs. Isaac Perriere, Chas. Mallet,
Adolphe d’Eichthal, Benois Fould, De Aburoa, Ernest Andre, H. Biesta, G. des
Arts, Due de Gulliera, Frederic Grienenger, Comte de Morny, Emilie Periere,
Baron Leiller, Casimar Salvador.
Its great peculiarities are found in its undertaking all business of all kinds of
companies, especially those to carry on public works, and its making advances
on ail kinds of shares. New companies are brought out under its auspices, and
it is considered a passport to success that it takes up a company.
The London Economist, in view of the very great misapprehension and alarm
which prevails, and which has been excited as to the real character of some of the
modern banking establishments in Paris—especially that of the Credit M obilier,
the Credit F oncier, and the Credit M aritime, thus contrasts them with Eng
lish Banks :—“ These erroneous impressions have been caused mainly by those establishments
being, according to the acceptance of the term in this country, erroneously called
banks. Banks in England are establishments which have little capital compared
to the extent of their obligations. The chief funds with which they trade are
composed of deposits, and in case of banks of issue, of notes in circulation. For
example, the deposits of the five joint-stock banks in London, amount alone to
more than £29,000,000, while their actual capital paid up is only £2,966,332 :
that is, the capital is equal only to ten per cent of the liabilities for money in de
posit with them. And whether the liabilities of such banks consist only of de
posits or of deposits and notes in circulation, as a rule the whole are payable on
demand. It is therefore obvious that establishments having such enormous obli
gations payable on demand at any moment, cannot, without being guilty of the
greatest imprudence, lock up their means in mortgages, or any other investment
of a permanent character, but must confine themselves to securities which can be
easily converted at all times, such as exchequer bills, public funds, and in the dis
count of commercial bills of a moderate date, which are daily falling due, and
furnishing the means of paying any demands that may arise. The ruin which
spread among our country banks in 1825, was chiefly owing to the neglect of this
plain rule; they had largely invested their means in landed securities, and when a
run came upon them they had no means of immediately converting them. Many
of the Colonial banks have been ruined from a similar cause, viz.: making exten
sive advances upon plantations and other real property. A t last it has become
a settled canon in banking, that the only securities which ought to be taken are
such as by their nature are at once and at all times marketable and convertible,
though it may be at a loss.
“ When, therefore, we heard of banks with large capitals, and authorized to con
tract huge obligations for the purpose of making advances upon land for its im
provement, upon merchandise abroad and at home, and to lock up their funds in
Journal o f Banking, Currency, and Finance.
469
shares of railways and other joint-stock companies as proprietors, we are natural
ly disposed to shudder for the censequences of any unusual pressure which might
lead to the discredit of such establishments; and this alarm has been increased
when we have known that the capital of a single establishment consisted of sixty
millions of francs, and that it was empowered to contract obligations by borrow
ing to the extent of no less than £24,000,000.
“ These establishments are, however, in their real character entirely different from
English banks, and their obligations are of a nature so essentially opposite, that
what English banks could not do, without great danger, these banks may do, not
only with impunity but beneficially. In place of trading upon means which are
payable on demand like the English banks, these particular establishments in
Paris trade only upon capital paid up, and upon money borrowed upon bonds or
‘ obligations,’ which are repayable only over a period of ninety years.
“ For example, the Credit Mobilier has a Capital of sixty millions of francs,
(£2,400,000,) actually paid up. It has the power to issue bonds or obligations
to the extent of ten times the capital, or £24,000,000, repayable by means of an
annual sinking fund in ninety years, with interest. Such an establishment may
be well or ill managed, it may be successful or the reverse, its proprietors may
make or lose money, and those who hold the bonds may, in the event of ill success,
find that there is not enough to meet their demands finally; but there can be no
sudden run or demand made upon it for the repayment of the obligations it has
incurred. If it provide for the interest of the bonds and the small annual sinking
fund, its obligations are fulfilled, and its creditors at no time can ask more. In
point of fact, therefore, unlike those banks which hold deposits and circulate notes,
these establishments have nothing to apprehend of inconvenience from any sudden
pressure upon the money market. It is plain, therefore, that the same rule does
not apply as to the selection of their securities. They may lock up their capital,
and borrow money in any description of security or undertaking, provided only it
gives a good annual return, so as to enable them to pay their interest, dividend,
and sinking fund. In the case, however, of the Credit Mobilier, although the
whole of the capital has been paid up, the managers have not as yet exercised
their power of issuing obligations to any extent whatever. They recently intend
ed to do so, but in consequence of the pressure upon the money market, they re
linquished the design. A t present, therefore, they trade only upon their actually
paid-up capital.
“ Again, the Credit Fodder is of the nature of a land bank, or a land drainage
company. It has a capital of thirty millions of francs, (£1,200,000,) of which
£600,000 is paid up. The directors have issued bonds or obligations, repayable
by a sinking fund in a specified number of years. Their liabilities, also, are not
of a nature payable on demand, and therefore they can with safety lend their
funds to the landowner and others for permanent improvements, so long as the
security is good, and they receive upon the principal of the drainage loans, annual
payments equal to the interest and sinking fund.
“ It will thus be seen that the establishments of which so much has been said,
and about which so much apprehension has been felt, in the event of a panic, are
of a character which makes them independent of monetary pressure. No doubt
there is a great scope for good or bad management, for losses or for gains. The
proprietors may find their shares at a discount or at a premium, as their funds are
ill or well invested, and the bondholders may find that they hold good or bad se
curities, as the money lent is profitably employed or otherwise. All these risks
attend those like all other trading concerns, but they are free of the peculiar risk
of banks of issue and deposit, which renders it incumbent upon them to limit their
investments to securities which are immediately convertible.
“ The great danger of such banks as those of the Credit Mobilier and Credit
Maritime is, that by embarking large capitals in new undertakings they stimulate
speculation unduly, give rise to companies and transactions which the legitimate
wants of the country do not require, and thus, although they may not ultimately
lose themselves, they are indirectly the cause of great losses to others, and of such
an artificial and momentary expansion of trade as to promote monetary and arti
ficial embarrassment; and there can be no doubt that such has been the case to a
470
Journal o f Banking, Currency, and Finance.
considerable extent in Paris in the present year, the fruits of which they are now
reaping. There can be no doubt that in order to secure the permanent success of
such institutions, as well as the advantages which they are calculated to confer,
they must be managed with greater care and circumspection than are ordinarily
found in the directors of joiubstock companies. But there is nothing false in their
principle, and they will be productive of much good or much evil just in propor
tion as they are well or ill conducted.”
SPECULATION IN THE PARIS BOURSE.
The Paris correspondent of the London Timex, alluding to the lastliquidar
tion ” at the French Exchange, which was attended with considerable loss to
many persons; but, as often happens, some who suffered most were not those who
most deserved it, says :—“ One person of seme note, and who is known to be intimately connected with
certain individuals who are believed to have peculiar sources of information, had
losses to the amount of not less than 800,000 francs. The misadventure did not
cost him an uneasy moment. lie assembled his creditors, and with the coolest
effrontery informed them that he would pay 15 per cent of his obligations to them,
but that he should keep 75,000 francs to enable him to try his luck once more at
the Bourse. It is not found that he has in consequence lost caste among the
circle he moves in. The case would be different if an unfortunate eyicier had left
tlje key under his door. Such scandals are, I fear, of frequent occurrence, and
some day will rouse public indignation to a high pitch.
MERCANTILE FAILURES IN SAN FRANCISCO IN 1855.
The Alla California publishes a statement of insolvent petitions filed during
the year 1855, designed as an approximation to the aggregate amount of failures
represented in these applications for insolvency. We have concluded to transfer
the statement of the Alla California to the pages of the Merchants' Magazine, as
an interesting and suggestive chapter in the financial history of San Francisco,
the commercial capital of the “ Golden State.” The (calculations are not, accord
ing to our cotemporary, entirely exact, as in some few cases, the schedule was
missing from the file :—
“ In the majority of the suits the schedules are not added up, and we have
availed ourselves, to a slight extent, of approximate calculations; and to avoid
the tedium of long and exact calculations, when a general result may be stated
with sufficient certainty, we have not specified some cases, where the amount of
failure is comparatively inconsiderable ; but wc have allowed 5550,000 in the table
to cover the extent of failure in these few unspecified cases. The calculation has
been conducted, however, on such principles and at such pains, that its general
results cannot vary from the arithmetically exact sums to any considerable
amount.
“ It is necessary to explain that when the assets are obviously nominal (as where
they are incumbered or consist of debts, which are not separate,) or where they
are not appraised for uncertainty, they are treated as amounting to nothing in the
calculation. Where the assets are stated to be unavailable or nominally in excess,
then we are forced in these few instances to calculate on the basis of some certain
allowance ; and we have adopted as a liberal allowance in such cases 50 per cent
on the amount of liabilities. With these few exceptions of approximate calcula
tion, we have given the suitor's own statement of his assets.
“ The failures of Page, Bacon & Co. and Sanders & Brenham, are not repre
sented in the list, as no application has ever been made in their cases for the ben
efit of the act.”
471
Journal o f Banking , Currency , and Finance.
NAMES OF APPLICANTS, AMOUNT OF LIABILITES AND ASSETS, AND EXTENT OF
FAILURES.
Adams
Applicants.
C o................... .
&
Liabilities.
$1,636,717 00
A. S. W right..................
145,695 22
Albert G-. T ob ia s...........
Joseph C. D uncan.........
George B. Upton............
Markwald, Caspari &, Co
John J. Foucher..............
S. R Pine........................ .
0 . C. Osborne.................. .
Jonathan G a v e t.............
A. W. Merrill.................. .
M. Hy polite Gaime.........
Joseph F. A tw ill.......... .
Jesse L. Wetmore............
200,000
81,404
99.876
267,196
39,973
92,130
17,000
23,345
19,090
9.147
62,697
82,000
Chapin
180,000 00
&
Saw yer.......... .
Richard H. Chenery.. . .
E. Connor..............
Jeremiah N. Foard........
Joseph Rigen..................
Ezekiel Harper................
Jesse McHenry.............. .
W. Farwell......................
Kelsey Hazen...................
Paige tfc Webster............ .
Ezekiel Wilson...............
Otis <fc Farnam..................
140,000
30.000
56,000
36,475
16,413
17,000
25,000
66 000
45,971
00
30
99
81
29
18
00
25
00
00
62
00
00
00
00
14
52
00
00
00
56
75,000 00
35,000 00
Leonidas H askell............
Addison Martin.............. .
Lepien, Shultz Js Co . . . .
Julius Behrens.................
C®sar C. Scharfel............
Edward Vischer...............
Charles H. West...............
William Bailey.................
Thomas Sherry.................
Henry W in kle.................
Charles D o a n e .................
Bunker, Calvet & Co........
Cutler Chipman................
Michael H a r t...................
John Middleton...............
Jared Lockwood...............
A. P. L a d d .......................
Willard Whipple..............
Maurie A. Correa.............
Louis Robertson...............
10,000
20,000
112.584
26,327
20,910
192,056
143 891
80,117
115,027
42,305
20,000
46,874
19,148
12,390
177,232
10.902
18,000
20,000
116,410
20,000
Ferdinand Vassault.........
119,448 07
Benjamin B. Thayer........
James A. McCrea............
Zephaniah Wood..............
William Mears..................
L. F. Kelsey......................
Unspecified cases..............
70,000 00
131,252 66
27,831 00
17,070 63
21,090.00
Total
Assets.
nom inal.
j n om inally
•
( in excess.
00
00
00
31
30
96
89
84
94
85
00
73
00
97
20
13
00
00
19
00
10,000
44.750
69,950
218,344
1,199
50,000
Extent o f failure.
$1,636,717 00
j.
un available.
none.
7,131 00
none.
nom inal.
8,000 00
[ nom inally
j( in excess.
110,000 00
n ot valued.
8,500 00
6,350 00
3,122 00
unavailable.
n ot valued.
30.575 00
i
•
i
j
1
|
n om inally
in excess.
nom inally
in excess,
nom inal.
00
00
00
00
74
20
nom inal.
29.920 72
1,800 00
none.
159,466 17
256 30
nom inal.
1,606 00
88,983 75
170 00
)
| in excess. J
3,632 74
48,000 00
100 00
1,000 00
none.
90,000 00
30,000
30,000
47,600
30,125
13.291
8,500
25,000
00
00
00
14
52
00
00
37,500 00
17,500 00
10,000
14,000
68,584
13,163
8,430
95,056
103,891
35,117
38,480
39,628
20.000
16,954
17,848
12,390
17.766
10,745
18,000
18,394
27,426
19,830
un available.
n om inally
00
80
82
39
04
18
00
25
00
00
62
00
15,396 56
j
jI
j
1j
6,000 00
54,000 00
12,480
97,000
40,000
45,000
66.647
2,677
72,848 00
190,000
86.052
29.926
48,852
38.774
42,130
8,500
23,345
11,950
9.147
62.697
74,000
00
00
67
42
25
00
0G
00
00
00
30
96
89
84
20
65
00
00
00
97
00
83
00
00
44
00
59,724 00
66,367
83,252
26,831
16,070
21.000
50,000
26
66
00
63
00
00
$5,186,016 00 $1,556,632 00 $3,629,384 00
472
Journal o f Banking , Currency, and Finance.
OPERATIONS OF THE UNITED STATES MINT AT SAN FRANCISCO,
The operations of the United States Branch Mint at San Francisco, from its
commencement, are exhibited in the following tables :—
GOLD.
1 8 5 4 ...................... .
.OZ.
D e p o s its .
5 8 9 ,7 7 4
C oin .
$ 4 ,0 8 4 ,2 0 7
B ars.
$ 5 ,6 8 3 ,4 4 4
Ref. bars.
T ota l va lu e.
$ 5 ,8 6 3
$ 9 ,7 2 3 ,5 1 4
1855.
J a n u a r y ................
F e b r u a r y ........... ..........
M a r c h ( t o 2 2 ) . . . ............
A p r i l ........................
M a y (fm . 9 ) ___ _
J u n e ........................
J u l y ........................ ...........
A u g u s t .....................
S e p t e m b e r .......... ...........
O c t o b e r ................ ..............
I N o v e m b e r ........... _____
7 9 6 .0 0 0
3 8 5 ,9 5 5
1 ,1 8 1 ,9 5 5
8 1 ,8 5 4
1 ,3 7 0 ,0 0 0
1 9 7 ,7 5 7
1 ,5 6 7 ,7 5 7
8 1 ,4 9 1
1 .3 6 5 .0 0 0
1 9 6 ,5 1 5
1 ,5 6 1 ,5 1 5
1 .2 6 0 .0 0 0
1 8 5 ,8 2 6
1 ,4 4 5 ,8 2 6
2 ,8 0 0 .0 0 0
2 4 6 ,5 0 0
1 5 .1 9 9
1 ,9 6 7 ,0 0 0
3 9 7 ,8 0 6
1 0 ,1 8 5
2 .8 7 2 ,9 9 2
1 .6 3 5 ,0 0 0
5 0 0 ,1 7 4
2 6 ,1 0 0
2 ,1 6 1 ,2 7 4
1 3 0 ,4 8 4
2 ,4 6 0 .0 0 0
4 7 8 ,4 9 6
1 2 ,6 2 3
2 ,9 5 1 ,1 1 9
1 4 0 ,9 8 1
2 ,0 0 0 ,0 0 0
3 2 7 ,9 8 3
2 4 ,6 7 3
2 ,3 5 2 ,6 0 7
1 0 2 ,8 4 1
1 ,4 9 4 ,8 0 0
3 5 3 ,6 2 8
5 2 ,5 0 0
1 3 7 ,4 9 9
5 2 ,5 0 0
3 ,0 6 1 ,6 9 9
1 ,8 4 8 ,4 2 8
4 0 0 ,0 0 0
4 0 0 ,0 0 0
T o t a l ...................
D ed u ct 1 8 5 4 .. .
$ 2 1 ,6 8 2 ,5 0 7
$ 8 ,9 0 4 ,0 3 9
$ 9 4 ,6 4 5
$ 3 0 ,6 8 1 , 1 9 1
4 ,0 8 4 ,2 0 7
5 ,6 3 3 ,4 4 4
5 ,8 6 3
9 ,7 2 3 ,5 1 4
T ota l 1 8 5 5 . . ,
$ 1 7 ,5 9 8 ,3 0 0
$ 3 ,2 7 0 ,5 9 4
$ 8 8 ,7 8 2
$ 2 0 ,9 5 7 ,6 7 7
DEPOSITS.
Gold deposits, 1854 ...............................................................oz.
G'ild deposits, 1855 ...................................................................
Silver deposits, 1855 .................................................................
689.774 14
1,174,443 48
142,216 10
Total deposits since April 3d, 1854.................................
1,906,433 82
COINAGE.
Gold coinage, 1854 ....................................................................
Gold coinage, 1855 ....................................................................
Silver coinage, 1855...................................................................
Total coinage since April 3d, 1S54
$9,723,514 25
20,957,677 43
164,075 00
$30,845,266 68
FINANCIAL CONDITION OF AUSTRIA,
The Department of State at Washington has received intelligence from a cor
respondent to the effect that the Austrian Finance Department, under the man
agement of Baron Brack, is now making every effort to increase the value of
government stocks and government bank-notes. It is generally thought through
out Austria that, if any one can effect this object, Baron Brack is the man.
However, Austrian securities have been continually falling, and, until the banks
have been placed in a situation to put specie into circulation, this state of things
will continue to exist. The establishment of the Austrian Credit Mobilier and
of the Hypothecary Bank, two specie-paying institutions, did not have the good
effects that were anticipated. The capitalists being obliged, in order to obtain
specie, to throw their Austrian securities into market, produced a further ten
dency to depreciation in all kinds of stocks, and it is asserted by some that no
permanent change for the better can take place until the termination of the East
ern war, and then only in the event that Austria shall have continued neutral.
In 1811 Austria owed paper money and public “ effects” to the amount of
Journal o f Banking, Currency , and Finance.
4*73
1,060 millions of florins, Austrian currency, (about $514,000,000,) and the empire
became bankrupt. The paper money was reduced to a fifth of its nominal value,
and the interest was also reduced to one-half of what it had been, it being paid in
paper money ; so the interest on the public debt was in fact reduced to one-fifth;
but, taking into account the reduction of the value of paper money, the public
debt was brought down to only a twenty-fifth part of the original liability of the
government.
In 1818 a certain re-establishment of the former debt was made, and the ancient
obligations were to fo -m a kind of annual lottery, the fortunate ticket-holder re
ceiving the former interest on his money. But this was no relief to the thousands
who lost their fortunes by this breach of trust in 1811, because it was found that
the ancient stocks had passed into the hands'of speculating capitalists, who were
the only gainers.
Shortly after this the Austrian Bank was founded. It was to be thoroughly
independent of government. There were originally fifty thousand shares, for
which 100 florins in cash and 1,000 florins in paper money were paid on each.
But the bank immediately reimbursing itself, by paying four florins in specie for
ten florins in paper money, the government became directly indebted to the bank,
and this state of affairs has continued ever since.
In 1846 this debt was 1,037 millions of florins, and during this year the Aus
trian government reduced its expenses within the limits of its income. The
receipts amounted to the sum of 164,236,000 florins, and the expenditures reached
163,106,000 florins. This promising condition of Austrian finances, however, did
not last long. The political and commercial crisis of 1847 gave these securities a
terrible blow, since which there has been no reaction, and in 1847 the income had
fallen to 161,000,000, and the expenditures had reached 168,000,000 of florins.
During this and the following year the Austrian Bank had 73,000,000 of florins;
but when the news of the revolution of February, 1848, was received, a panic
seized the whole community, and in the beginning of April the specie had fallen
to 35,000,000 of florins, when the government prohibited the banks from redeem
ing their notes, and also prevented the exportation of specie. In 1854 the shm
advanced to meet the necessities of war, amounted to 192,000,000 of florins, be
sides which there were 219,000,000 of treasury bills, making a floating debt of
411,000,000 of florins. A decree, issued in the same year, compelled the bank to
retire from circulation $148,000,000 of treasury bills, and another created the
national loan of 500,000,000 of florins, the interest on which was to be paid in
gold and silver. With this loan, and with the produce of the customs, which
were to be paid in specie, it was intended to bring the claims of the bank against
government down to 80,000,000 of florins by 1858 ; but it was soon discovered
that these decrees could not be carried into effect, and in consequence of this state
of affairs, in October, 1855, the government was obliged to alienate crown lands.
Exclusive of the large floating debt, the present indebtedness of the Austrian
government is set down at the enormous sum of 2,036,000,000 florins.
CONDITION OF THE BANKS IN NEW ORLEANS,
The following table shows the condition of the several banks in the city of New
Orleans on the 23d of February, 1856. For similar statements see Merchants'
Magazine for July, September, and November, 1855, vol. xxxiii., & c.:—-
474
Commercial Statistics.
LIABILITIES.
Banks.
Circulation.
B a n k o f L o u i s i a n a ........................
L o u in 'a n a S t a t e B a n k ................
C a n a l B a n k ........................................
C itiz e n s ’ B a n k ..................................
M e c h a n ic s ’ a n d T r a d e r s ’ ..............
U n io n B u n k .....................................
S o u th e r n B a n k ................................
.....................
267.355
B a n k o f N e w O r le a n s ................
18,225,794
Due distant
banks.
Deposits.
$3,171,524
3,613,118
1.287,148
3,140,423
853,638
709,459
238,973
661,716
$1,019,509
687,819
282,567
197.263
99,264
133,114
2,195
53,965
$13,670,994
$2,425,696
RESOURCES.
Bank 8.
Specie.
B a n k o f L o u i s i a n a ........................
L o u is ia n a S t a t e B a n k ................
C a n a l B a n k . . . ............................. .......................
C itiz e n s ’ B .m k ...................................
M e c h a n ic s ’ a n d T r a d e r s ’ ...........
U n io n B a n k ........................................
S o u th e r n B a n k ................................
B a n k o f N e w O r le a n s ...................
1,09*2,304-
$7,987,288
90-day paper.
$3,066,416
4,426 9 44
2,184,360
2,4 93.995
1,148,438
1,230 611
888,800
1,270,212
$18,194,776
Exchange.
$1 487,646
508,467
1,687,369
1,053,765
349,477
691,173
510,663
132,092
$6,315,530
The amount of specie in above banks on the lGth of February was $7,748,100,
and on the 23d of same month, $7,987,286—showing an increase in favor of the
week ending on the 23d, of $239,188 in specie.
COMMERCIAL STATISTICS.
TRADE AKD COMMERCE OF LOUISVILLE IN 1855.
The Commercial Review, published at Louisville, (Kentucky,) of February 22,
1856, contains the first annual statement of the Trade and Commerce of that city
which has ever been published. The merchants and business men of Louisville
may congratulate themselves on the prospect of having their position among com
mercial cities, which has been heretofore “ ignored ” solely for want of a proper
historian, hereafter fairly exhibited in the annual statements which the Review has
now so well commenced. Through the aid of the editors and proprietors of the
Commercial Review and Louisi ille Chamber i f Commerce we shall be happy to
include that city in our series of papers relating to the “ C o m m e r c ia l a n d I n d u s
t r i a l T o w n s o f t h e U n it e d S t a t e s , ” in an early number of the Merchants’
Magazine.
The first statement of the quantity and value of the principal imports at Louis
ville is shown in the subjoined table :—
As many of the merchants of Louisville keep no record of their receipts by
wagon in an accessible form, the editors of the Review are unable to furnish the
entire amount of such articles as generally reach that city in comparatively large
quantities by other conveyances. In this class wheat, flaxseed, tallow, hides, hay,
jeans and linseys, and barley are mentioned. In barley, for instance, only 14,199
bushels appear, while all the dealers agree in estimating the receipts at several
times that sum. Bye is not mentioned in the table, and yet the receipt for
475
Commercial Statistics.
shipping alone would make an important item.
omitted:—
The article of tallow is also
VALUE OF PRINCIPAL IMPORTS INTO THE PORT OF LOUISVILLE FOR THE YEAR ENDING
a u g u s t 31st, 1855.
Articles.
Apples.....................
Beef.......................... ................................. No.
B aggin g...................
Barley.......................
Beans........................
Butter.....................
Butter......................
Blooms......................
Brooms, tubs, (fee... .
Candles...................
Coal...........................
Corn..........................
Corn meal.................
Cider.........................
Cheese......................
Cotton.......................
Coffee........................
Codfi-h......................
Cooperage................
E ggs.........................
Flour.......................
Feathers, ginseng, beeswax...........................
Fish, sundries..........
Fieli...........................
Fruit, d r ie d ............
Gre ise......................
Glass .......................
Glassware...............
Hemp........................
Hides, dry................
Herrings ...............
H a v ...........................
Hogs..........................
Jeans........................
Linseys...................
Iron and steel..........
I r o n and s te e l.........
Iron and s te e l.........
Lead.........................
Lard.........................
Lard.........................
Leather...................
Lemons.....................
L im e .......................
Liquor ..................... . .hogsheads and pipes
Lumber.............
Merchandise...........
Molasses.................
Malt .........................
Nails.........................
O il...........................
Oranges ...................
O akum .....................
Oats..........................
Pork and bacon.. . .
Pork and bacon___
Pork and bacon . . . .
Q u a n tity .
A v e r a g e v a lu e .
7,865
50,000
40,121
14,199
1.555
8.288
8,882
80
17,595
6,989
6,862,509
589,671
80,876
100
15,221
8.899
50,029
200
15,409
6,300
150,800
$2
30
14
1
2
30
11
75
3
7
50
00
00
30
30
00
00
00
00
50
10
60
70
4 50
8 20
44 00
16 f 0
31 00
1 20
7 50
8 00
3,736
2,650
3,741
1,000
15,000
7,000
27,867
14,200
772
27,663
329,588
500
1,000
10.000
11,227
1,670
2,922
5,445
19 275
2,539
2,505
85,000
6.596
26.810,460
230.580
20.660
10,000
40,000
1,000
3,000
1,352
152.976
1,645
792
13,472
12
4
2
17
2
4
20
3
2
10
103
89
1
4
73
4
20
5
12
4
90
00
00
00
00
60
60
(.0
50
60
60
50
00
00
00
00
00
00
00
00
00
50
85
00
H
70
11
1
4
36
5
15
00
50
40
50
00
00
00
45
70 00
22 00
16 00
J
T ota l v a lu e.
$19,662
1,600,000
561.694
18,468
3,578
97,140
37,202
6,000
52,785
62.397
686,250
323,802
56,613
450
48,707
391.556
825.478
6,200
12,564
47,250
1,206,400
868,000
44,872
10,600
7.482
17.000
37.500
31,500
557,340
49,700
463
71.923
3,460,670
51.600
89,000
16,000
44,908
121,910
11,688
108,900
96,375
30,468
11,272
29,750
593,640
402,106
16,140,600
237.590
14.000
180.000
36,000
15,000
20,280
68,839
115,150
17,424
215,552
476
Commercial Statistics.
Articles.
Quantity.
B a c o n , l o o s e ...................
P o t a t o e s ............................
P i g - m e t a l ..........................
P im e n t o a n d p e p p e r . .
R o s in , T a r , <fcc.............. ..
R a i s i n s ................................
R o p e ....................................
R i e e ...................................
S h i n g l e s .............................
S u g a r ................................
S u g a r ...................................
S u g a r ..........................
S e e d s , f l a x .......................
S e e d s , g r a s s ...................
S e e d s , h e m p ....................
S a l t ................................
S a l t .............................
S h o t .......................
S t a v e s , (fee........................
T e a .......................................
T o b a c c o ...........................
T o b a c c o ..............................
T o b a c c o ............................ . .p a c k a g e s a n d b o x e s
T u r p e n t in e ........................
W in e s ......................... b a r r e ls an d q u a r t e r ca s k s
W in e s .............................
W h e a t .............................
W o o l ............
" W h i s k y ........................... ..
c o t t o n , (fee......... ..
P a p e r , p e r r iv e r . . . .
P a p e r , p e r r a ilr o a d . .
" W h i t e - l e a d .....................
S t a r c h .............................
S h e e t i n g s ........................
S h e e p ................................ .
\ a rn ,
Average value.
11,374,548
18,560
12,600
550
2,300
8,300
10,880
1,000
20,000,000
21,143
9,286
383
12,286
26.657
1.154
30,000
61,815
1,281
$0 08
3 50
30 00
15 00
4 00
3 50
6 50
40 00
3 00
65 00
16 00
35 00
1 68
4 50
2 00
2 50
1 50
23 00
2,655
12,028
182
5,913
1,090
968
3,481
144.S08
3,000
38,386
9,362
41.278
13,759
16,177
3 659
5,402
70,000
25 00
95 00
10 00
25 00
20 00
50 00
12 00
1 50
35 00
12 00
1 65
60
6 00
2 20
3 50
65 00
2 00
Total value.
$909,964
64,960
378,000
8,250
9,200
29,050
70,750
40,000
60,000
1,374,295
148,576
13,405
20,640
119,956
2,308
75,000
92,722
29,463
180,000
66,375
1,142,660
1,820
147,825
21,800
4x,400
41,772
217,212
105,000
460,632
15,477
24,767
82,554
35,589
12,806
351,130
140,000
$36,321,344
T o t a l ...................
In order to convey some idea of the sources whence imports are derived, we give
a summary in the following table, which shows the quantity and value of the re
spective articles mentioned in it, imported during the year by railroads, river,
wagons, and on foot:—
SUMMARY OF PROVISION IMPORTS FOR
H o g s a n d v a lu e p a c k e d ..........
P o r k a n d bacon ...................
P o r k a n d bacon.....................
P o r k and bacon.....................
B a c o n , l o o s e ................................
L a r d ..................................................
L a r d ..................................................
B e * 'f c a t t l e ...................................
S h e e p ...............................................
1855.
Quantity. Average value. Total value.
$3,4 60,670
329,588
$10 60
115,150
70 00
1,645
17.424
792
22 00
215,552
16 00
13.472
909,964
11,374,548
8
108,900
5,415
20 00
96,375
19,275
5 00
1,500,000
30 00
50,000
140,000
70,000
2 00
S h ow in g a tota l va lu e o f .................................................................................
$6,564,035
The Reciew also gives a table of the steamboats built at Louisville from June
30th, 1854, to November 10, 1855, from which it appears that the total number
built at that port during that time is 41.
The whole number of steamers and amount of tonnage belonging to the port,
477
Commercial Statistics.
enrolled from January 1st, 1855, to December 31st, 1855, including the above
built during the year, is 93, measuring 28,705 tons, with a carrying capacity equal
to 40,644 tons. It will be seen by the following statement that the steamboat
tonnage of Louisville exceeds that of Pittsburg and Cincinnati, as compiled from
the report of the Supervising Inspectors :—
Louisville, under law of 1832 .................
27,466 not under 1,700
29,166 tons.
P itts b u rg .............................................................
Cincinnati............................................................
22,691
21,9 09
3,877
3,691
26,668 tons.
25,600 tons.
We also give a condensed statement of liog-packing around the Falls, at Louis
ville, for the undermentioned years as follows :—
1 8 6 5 -6
1 8 5 4 -5
1 8 5 3 -4
1 8 5 2 -3
1 8 5 1 -2
N o. hogs.
3 32 ,35 4
2 8 3 ,78 8
407 ,77 5
3 00,000
193,000
....................
....................
....................
. ...............
....................
Average
Mess pork,
Lard,
Weight.
weight.
barrels.
pounds.
68,652,303
2 0 6 .5 6
88,029
11,869,760
52,528.908
1 8 5 .1 0
65,102
8,916,546
87,169,717
2 1 1 .1 4
124,879
15,847,284
....................................................................................................
....................................................................................................
EXPORT TRADE OF GUAYAQUIL, CHILI,
Guayaquil, a city of the Republic of Equ'ador, S. A., the principal seat of trade,
is situated on the coast, and on the right bank of the Guayaquilier, four miles
above its mouth. It has a population of some 25,000. Its harbor is one of the
best in the Pacific. The tide rises here sometimes to twenty-four feet, and large
ships can ascend to the town. Cocoa is a leading article of export. During the
year 1855, there was shipped from the port of Guayaquil for foreign ports, fifteen
millions eighty-nine thousand seven hundred and fifty-three pounds of cocoa.
(Each “ cargas ” weighs 81 pounds.) The exports of cocoa in 1855 were as
follows:—
Cargas.
S p a i n ...........................
H a m b u r g .................
F r a n c e ......................... ..........
P e ru .............................
C hili.............................
17,214
Lbs.
23 U n ited S ta te s ......................
26 C entral A m e r i c a ...............
62
M e x i c o ...................................
P anam a (the g reater part
13
for H a v a n a ......................
30
T o t a l ..................................................................................................................
Cargas. Lbs.
7 ,5 4 4
4
6,463
69
5,410 39
4 ,9 2 2
78
186,293
20
The greatest part in the above table shipped to Chili wras for export, and the
greatest part shipped to Panama was for Havana. It is rather curious to notice
that not a pound has been shipped to Great Britain.
The following is the total exportation o f produce and manufactures from the
same port during
Cocoa.....................
Straw hats...........
Tanned hides . . . .
Tobacco ...............
Sarsaparilla.........
Tamarinds...........
Coffee...................
the past year :—
.............lbs. 15,989,753
.............doz.
88,778
...................
...................
Orchilla...................
Bark......................... ...................
Timber
.............
Canes.....................
657 Mangles.................
India-rubber...........
766
7,749
Below wo give a tabular statement o f the export o f cocoa from Guayaquil during the past ten years, which
1846 ..................... ........ lbs.
1847 ..................... .............
1848 ..................... .............
1849 ..................... .............
1850 ..................... .............
will be found interesting :—
11,202,008 1 8 5 1 .......................
12,678,613 1852 .......................
21,007,395 1853 .......................
14,234,734 1854 .......................
11,066,056 1855 .......................
STATEMENT EXHIBITING THE COMMERCE OF EACH STATE AND TERRITORY FROM JULY 1, 1854, TO JUNE 30, 1855.
,---------------------------------------------------------- VALUE OF EXPORTS.----------------------------------------------------------- n
-DOMESTIC PRODTCE. - F O R E IG N P R O D U C E . -
States .
■Washington Territory........
Minnesota Territory...........
In American
vessels.
$ 2,431,081
822,180
10,328,159
824,670
858,531
73,579,875
in foreign
vessels.
$ 111,933
1,523
364
14,084,764
6,617
961
22,835,433
687
1,039,100
4,946,025
63,087
6,981,973
2,900,245
36,143
1,284,742
3,061,587
355.561
78,257
10,096,763
2,602,128
5,993,279
1,550,240
1,103.261
300,333
1 0,673,634 3,596,931
43,683,761 11,372,333
can & foreign In American In foreign
In American In foreign
produce.
vessels.
ve.-seis.
Total.
Total.
vessels.
vessels.
Total.
$ 2,543,014 §1,903,015 §405,178 12,308,193 $1,851,207 $1,336,013 $1,591,430 $2,927,443
1,523
7,472
10,314
17,786
1,523
2,895,468
591,593
2,572,924
2,572,924
591,593
322,544
2,931,056 846,946 3,778.002 28,190,925 29,784,688 15,329,086 45,1 13,774
2 4,412,923
4,736
436,808
99,579
4,7.36
336,023
536,387
331,287
614,583
19,382
878,874
19,243
633,826
19 382
859,492
1,147,108 6,169,322 17,316,430 113,731,238 133,055,311 31,721,200 164,776,511
96,4 14 ,8 0 8
687
308
1,165
1,473
687
289,213
(',274,338 12,727.017 2,582,918 15,309,935
266,335
5,985.125
22,878
6.3,087
2,885
2,936
6,821
63,087
513,766 10,395,984
9,882,213
6,726,518 1,062,431
354,570
159,196
7,788,949
24,699
36,14 3
24,699
36,143
578,056
4,379,928
855,405
33,599
277,360
5,089
28,510
4,346,329
433,818
211,161
31,922
243,083
433 ,81 8
1,359 12,700,250
1,231,877
356,665
1,359
12.698,891
1,588.542
7,543,519
200,688
73.028
7,543,519
273,716
1,403,594
34,473
11.525
45,998
1,403,594
.......................................................
14,270,565
339,854
280,110
619,964
14,270,565
311,868
55,367,962
10,851,768
127,501
2,049,053 12,900,821
184,367
55,0 56 ,0 9 4
199,743
120 ,SOS
647 ,40 0
4 0 6 ,02 2
847,143
526 ,82 5
113,675
299,102
459,696
6,729,648
123,612
60,482
247,951
234,861
459,767
174,057
547,053
694,057
7,189,415
123,612
730
730
2,975
222,904
749,493
38,291
285,158
41,266
222.904
1,034,651
847,143
568,091
174,057
547,053
916,961
8,224,066
123,612
730
645
458,620
281,379
44,647
22,902
123,025
2,535,632
9,666
2,412
211
1,016
142,036
3,512
31,607
139,543
3,415,747
194
1,661
600,656
281,379
48,159
54,509
262,568
5,951.379
9,666
2,412
405
275,156,846 202,234,900 59,233,620 261,468,520
Commercial S<
M a in e ......................................... .
N e w H a m p s h ire ....................
V e r m o n t ..................................
M assachusetts ...................... ,
R h o d e I s l a n d ........................
C on n e c ticu t.............................
N e w Y o r k ............................. ,
N ew J e r s e y ..................... ......
P en n sy lv a n ia ..........................
D e la w a re ..................................
M a ry la n d .................................
D istrict o f C o lu m b ia ...........
V ir g in ia .................................... ,
N orth C a r o lin a ......................
S outh C a r o lin a ...................... ,
G eorg ia ......................................,
F lo r id a ...................................... .
A la b a m a .................................. .
L ou isia n a ...................................
M ississip p i................................
O h io ............................................
M ich igan...................................
W is c o n s in ................................
Illin ois........................................
T e x a s ....................................... ..,
C a lifo rn ia ............................... ..
,--------------VALUE OF IMPORTS.-
479
Commercial Statistics.
LOUISVILLE AS A FLOUR MARKET.
In the Merchants’ Magaiine for March, 1856, (vol. xxxiv., page 3G3,) wo gave
a statement of the price at which every hogshead of tobacco was sold in the Louis
ville (Kentucky) market during the year 1855, derived from the Commercial Re
view of that place. From the same reliable authority we now append a table,
showing the price at which the flour market closed every Wednesday and Satur
day, from July 9, 1855, to February 20, 1856, as follows :—PRICES IN THE LOUISVILLE FLOUR MARKET.
9 .. . . . $8 50 September 2 6 . ..
11 .. . . . 7 75
29. ..
16 ..
00
18 .. ... 6 75
6 ...
21 .. . . . 6 50
1 0 ...
25 .. . .. 6 25
1 3 ...
28 ..
25
1 7 ...
August
1 ..
00
2 0 ...
4 .. . . . 7 37
2 4 ...
8 . . . . 6 75
2 4 ...
11 .. . .. 6 40
2 7 ...
15 .. . . . 6 40
8 1 ...
18 . . . . 6 50 November 3 . . .
22 . . . . . 6 25
7 ...
25 .. . . . 6 15
1 0 ...
29 . . . . . 6 00
1 4 ...
September i .. . . . 5 50
1 7 ...
5 .. . . . 5 25
2 1 ...
8 . ...
2 4 ...
5
60
2 8 ...
12 . .
15 .. . . . 5 75 December 1__
19 .. . . . 6 00
5 . ..
6 ___
22 ..
20
July
.. -?6 20 December 12.......... $7 50
.. 6 10
15.......... 7 40
..
..
..
..
..
6
6
7
7
7
..
7
..
..
..
..
..
..
..
7
7
7
7
7
7
8
8
8
7
..
..
..
25
40
75
50
25 January
25
25
30
50
65
65
05
60
60 February
70
70
75
00
00
00
75
19
2 2 . . .. ! . .
26..........
29 ........
2 ..........
5 ..........
9 ........
12 ........
16..........
19..........
23..........
26..........
30..........
2 ........
6 . / ___
9 ..........
13..........
16..........
20..........
7 fin
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
6
6
6
25
00
00
00
00
00
20
25
25
15
00
25
00
00
00
80
80
75
The Rci'ieio estimates the consumption of flour in Louisville at 57,398 barrels,
and the present and prospective production of flour in that city and vicinity, at
346,320 barrels per year, which would leave for exportation nearly 289,000
barrels.
PRICE OF HOPS IS PHILADELPHIA IS
1853, 1854, ASD 1855.
Annexed we publish a table, showing the prices of hops on the first and third
weeks of each month in the years 1853, 1854, and 1855. The quotations are for
first sort Eastern and Western, and have been arranged with care from the col
umns of the Philadelphia Commercial L i s t —
■1853.------s
January ............... ____
F eb ru a ry ............ . . . .
....
1st week.
3d week.
24 a 25
21 a 22
22 a 24
22 a 23
23 a 25
Anril................
M a y ..........................................a . .
21 a 22
J u n e ........................ ____
.. a ..
18 a 22
.. a ..
J u ! y ......................
August............. .................. a . .
S e p t e m b e r . . . . ,................. a 50
35 a 40
O c t o b e r ............... ____
4 0 a 45
N o v e m b e r .............____
50 a 52
D e c e m b e r .......... .____
..
40
..
48
50
a
a
a
a
a
..
45
..
50
52
■1854.------,
1st. week.
48 a 60
47 a 48
45 a 50
37 a 40
30 a 35
30 a 33
30 a 34
34 a 35
40 a 45
40 a 45
37 a 40
34 a 38
3d week.
45 a 48
48 a 50
40 a 45
30 a 35
30 a 33
30 a 32
30 a 34
25 a 28
34 a 35
38 a 40
88 a 40
35 a 37
<------1855.------,
1st week.
35 a 37
35 a 37
80 a 33
20 a 23
22 a 24
20 a 23
25 a 24
22 a 24
18 a 20
19 a 20
12 a 14
12 a 15
3d week.
35 a 36
29 a 32
20 a •22
22 a 26
20 a 23
20 a 22
25 a 26
18 a 20
19 a 20
13 a 15
12 a 15
8 a 12
I
480
Nautical Intelligence.
NAUTICAL INTELLIGENCE.
RATIILIN-O-BiRNE LIGHT-HOUSE— NORTHWEST COAST OF IRELAND,
Official information has been received at this office that the Port of Dublin
Corporation has given notice that a light-house has been erected on Eathlin-o-Birne
Island, County Donegal, from -which a light -will be exhibited on the night of the
14th day of April next, (1856,) and thereafter will be lighted during every night
from sunset to sunrise.
SPECIFICATION GIVEN OF THE POSITION AND APPEARANCE OF THE EIGHT BY MR. HAEPIN, SUPERINTENDENT OF LIGHT-HOUSES.
llathlin-o-Birne Light-house is built on the outer point of the island, which is
situate off the most western promontory of the County Donegal, in latitude
54° 39' 47" north, and longitude 8° 49' 52" west, bearing—
From Malinmore Head, S. AY. -j AY., distant 2^ nautic miles.
From Carrigan Head, (Donegal Bay,) N. AY. by N., distant o f nautic miles.
From Seal Bock, (Sligo Bay,) N. by E., distant 19 nautic miles.
The light will be a flashing light, (fixed, varied by flashes,) giving a flash once
in every twenty seconds, and in clear weather will be seen at the distance of about
sixteen miles, its focal point being 116 feet over the level of the sea at high water.
The light will be visible all around, and from seaward will appear of the natural
color; bright between the bearings of S. AAr. 1 S. and N. N. AY. i AY., but will
be colored red towards the mainland and sound eastward of the island. The
tower, 65 feet in height from base to summit, is circular, having a dome-formed
top, -which, together with the blocking under light-room, will be colored red. Vessels, unless when piloted through the sound, should keep outside the limits of the
red color of the light. Tidal reefs extend one-quarter of a mile off the west side
of Bathlin-o-Birne. The bearings stated arc magnetic. Variation, 29° west.
By order of the Light-house Board,
THORNTON A. JENKINS, Secretary.
T r e a su r y D e pa r t m e n t , O ffice L ig h t -house B oard , W ashin gton , February 28, 1856.
WEST INDIES-COURTOWN CAYS— MOSQUITO COAST.
Information having reached the Admiralty that the Grove of Cocoa-nut Trees
which in the year 1832 existed on the Middle Cay of the Courtown Cays, (lying
15 miles E. S. E. of St. Andrew’s, off the Mosquito Coast,) is no longer stand
ing, having been either cut down or blown down in a hurricane, notice is hereby
given, that the words “ Grove of Cocoa-nut Trees,” written against the said Cays
in the Admiralty Charts, as well as in many other charts of the West Indies,
should be expunged, and the said trees must not be looked for by the navigator.
The name “ Cocoa-nut Cay,” on the charts, is also to be changed to Middle Cay.
As it is not an uncommon occurrence in the AArest Indies, and generally in the re
gion of hurricanes, that cocoa-nut trees are so blown down, (as was observed in
the Barbados hurricane of 1830,) the mariner is warned to be on his guard, and
to remember that it is not a safe practice to run for low cays or sandbanks, ex
pecting to see trees which may no longer exist. Middle Cay lies in lat. 12° 24'
N., long. 81° 28' 30" AY. of Greenwich.
By command of their lordships,
JOHN WASHINGTON, Hydrographer.
H y d r o g r a p h ic O ffice , A d m ir a l t y , L ondon, 20th January, 1856.
This notice affects the following Admiralty Charts:—AYest Indies, general,
sheet 3, No. 392 c ; AYest Indies, sheet 12, No. 1,218 ; St. Andrew’s Island, No.
1,511.
Nautical Intelligence.
481
IRELAND, NORTHWEST COAST— RATHUN-O-BIRNE FLASHING LIGHT.
The Port of Dublin Corporation has given notice that the Lighthouse on
Rathlin-o-Birne Island, in the county of Donegal, on the northwest coast of Ire
land, being now complete, a light will be exhibited therefrom on and after the
14th day of April, 1856.
The light will be a fixed light varied by flashes, giving a flash once in 20 sec
onds ; it stands at a height of 116 feet above the level of the sea, and may be seen
from the deck of a ship, in clear weather, at a distance of 16 miles. The light
will be visible all round the compass, and from seaward will appear of the natural
color, between the bearings of S. W. k S., round westerly to N. N. W. ■£■W .;
but will be colored red towards the mainland and to the southeastward of the
island.
The light tower is 65 feet high from base to summit; it is circular, and colored
red ; and stands at the outer point of the island in lat. 54° 39' 47" N., long. 8°
49' 52" west of Greenwich. It bears from Malinmore Head S. W . £ W. distant
2J miles, from Carrigan Head, Donegal Bay, N. W . by N., 5|- miles, from Seal
Rock, Sligo Bay, N. by E., 19 miles.
Vessels, unless when piloted through the Sound, should be kept outside the lim
its of the red color of the light. Reefs of rocks, covered at high water, extend a
quarter of a mile off the west side of Rathlin-o-Birne Island.
All bearings are magnetic. Var. 27-J° W . in 1856.
By command of their lordships,
H y d r o g r a p h i c O f f i c e , A d m i r a l t y , L o n d o n , 1 6 th
JOHN WASHINGTON, Hydrographer.
January, 1 8 5 6 .
This notice affects the following Admiralty Charts : Ireland, Northwest Coast
Sheet 5, No. 1,245 ; Vidal Bank, No. 48. Also the British Lighthouse List
No. 318.
FLASHING LIGHT ON SYLT ISLAND— NORTH SEA.
COAST OF SLESWIG.
The Danish Royal Navy Department has given notice that a new light will be
established near Rode Klif, on the island of Sylt, off the coast of Sleswig, on the
1st March, 1856. The light will be a fixed light with a flash every fourth minute,
visible all round the horizon, but it will show brightest to seaward from S. S. W.
round by west and north to E. N. E. It stands at a height of 200 feet above the
mean level of the sea, and may be seen in clear weather at a distance of 20 miles.
The illuminating apparatus is catadioptric of the first order. The light-tower is
round, of brick, and 116 feet high. It stands in latitude 54° 56' 51" north, lon
gitude 8° 20' 30" east of Greenwich. In the direction of Listerdyb, from N. by
E. £ E. to N. E. | E., the light will be faintly colored red. All bearings are
magnetic. Variation, 20° W.
By command of their lordships,
JOHN WASHINGTON, Hydrographer.
H y d r o g r a p h ic O f f ic e , A d m ir a l t y , L o n d o n ,
January
2 1 , 1856.
This notice affects the following Admiralty Charts :—North Sea, general, No.
2,339 ; North Sea, sheet 3, No. 2,248 ; Helgoland Bight, No. 1,887 ; and Danish
Light-house List, No. 78.
CAPE ELIZABETH AND WOOD ISLAND LIGHT-HOUSES.
Notice is hereby given that on the 1st of April next, the light at present on
Cape Elizabeth will be changed, so that there will be shown on that night and
during every night thereafter, a fixed light in the tower of the light now in use,
and a revolving light in the tower of the old revolving light. The illuminating
apparatus of the fixed light will consist of fifteen lamps and twenty-one inch re
flectors, and that of the revolving light of ten lamps and twenty-one inch reflect
ors. In coming from seaward the revolving light will in all cases be made before
the fixed one. Therefore, to diminish the danger of mistaking Cape Elizabeth
V OL. X X X IV .---- NO. IV .
31
482
Nautical Intelligence.
light for Wood Island light, which is a revolving light, the latter will be changed
on the first of April next to a red revolving light. After that date, vessels coming
from the westward will first, make Wood Island showing a red revolving light,
and then Capo Elizabeth lights, showing two lights of the natural color, one fixed
and the other revolving.
By order of the Light-house Board,
W. B. FRANKLIN, Light-house Inspector, 1st District.
P o r tla n d , February 29, 1856.
GUJVFLEET LIGHT-HOUSE, EAST SWIN, ENGLAND.
The following notice has been received at this office from the Trinity House,
London :—
“ The Pile Light-house which has been erected near the edge of the southeastern
part of the Gunfleet Sand in the East Swin, off the coast of Essex, being now
complete, notice is hereby given, that a revolving light, colored red, will be ex
hibited therein at sunset of the evening of Thursday, the 1st of May next, and
thenceforth continued nightly from sunset to sunrise. Notice is also given that
the lights at present shown on board the Gunfleet light-vessel will on the said 1st
of May be discontinued, and the balls struck; and also that the beacon which
Btands a short distance to the west of the new light-house, will thereafter be taken
away. Masters of vessels, pilots, and other mariners, are hereby strictly cautioned
not to approach the light-house nearer than a quarter of a mile, nor, under any
circumstances, to attempt to pass to the northward thereof.”
By order of the Light-house Board,
THORNTON A. JENKINS, Secretary.
T r e a su r y D e pa rt m e n t , O ffice L ig h t -H ouse )
Bo a r d , W ashington , Feb. 13, 1856.
j
LIGHT-HOUSE AT CAPE ST. BLAS, FLORIDA.
The new light-house at Cape St. Bias, Florida, will be lighted on and after the
evening of the 15th of February next, (1856.) Its location is near the site of the
former tower, which was destroyed in 1851. The tower is fifty feet high, and
colored white. The illuminating apparatus is a fourth order ions, showing a
fixed light varied by flashes, which in fair weather should be seen from the deck
of an ordinary vessel at a distance of about thirteen miles. A dangerous shoal
runs out from the point of the cape for five or six miles, in a southerly direction.
The approximate position of this light is, latitude 29° 39' 00" north, longitude
85° 24' 04" west of Greenwich. By order of the Light-house Board,
D. LEADBETTER, Inspector 8th District.
M ob ile , A l a ., January 28,1856.
REVOLVING LIGHT ON TROUBRIDGE ISLAND—SOUTH AUSTRALIA.
Official information has been received at this office, that the harbor authorities
at Port Adelaide, South Australia, have given notice that a new light would be
established on Troubridge Island, St. Vincent Gulf, on or about the 1st January,
1856.
The light is revolving, showing a bright light, whicli lasts for twelve seconds,
every half minute. When within a distance of about seven miles, a continued
faint light will be seen, in clear weather, betivecn the intervals of the brighter
light. The illuminating apparatus is catadioptric or reflecting, and of the fourth
order. The light is placed at an elevation of 80 feet above the level of the sea,
and will be visible from the deck of a ship in clear weather about sixteen miles.
The light-house stands in the center of the island, in latitude 35° 7' 50" south,
longitude 137° 52' east of Greenwich.
D ir e c t io n s . Vessels bound through Investigator Strait into St. Vincent Gulf
should make Troubridge light on a N. E. i N. bearing, and steer E. N. E. £ N.
to pass it at a distance of seven miles, bringing it to bear W . by N. | N .; thence
a course N. E. -J N. 30 miles will rcacli a berth two miles southwest of Port
Adelaide light-ship, when heave to for a pilot or a steam-tug. Vessels from the
Commercial Regulations.
483
westward and southward should not approach the Troubridge light nearer than
four miles, where they will find soundings in from ten to fourteen fathoms. Ves
sels bound down the gulf in westerly gales will find good anchorage under the lee
of Troubridge Island with the light bearing S. W. about 1| miles distance, in
eight fathoms over a clean sandy bottom. Courses and bearings are magnetic.
Variation, 5° E. By order of the Light-house Board,
THORNTON A. JENKINS, Secretary.
T r e a su r y D e pa r t m e n t , O ffice L ig h t - house B oard , W ashington , February 26,1856.
COMMERCIAL REGULATIONS.
MEXICAN TARIFF OF JANUARY 31, 1850.
We give below the substance of the new Tai'iff of Mexico, adopted January
31, 1856 :—
NEW POETS OPEN FOE FOREIGN TRADE.
Guaymas, Camargo, Mier, Piedras Ncgras, Monterey, Laredo, Tonala, Zapalula,
Cuatzacoalcos, La Ventosa.
CHARGES ON VESSELS.
Tonnage, $1 per ton; free of tonnage if in ballast to load logwood, specie, &c.,
or if bringing coal only for the Mexican deposits, or if only bringing passengers
or mails.
PROHIBITIONS.
Brandy of sugar-cane, and all others except that made out of grape, excepting
gin, rum, and others named in the tariff, in bottles or jars; sugar of all kinds;
rice; buttons, with the Mexican or foreign arms; coffee; wax,"made up in can
dles ; obscene pamphlets, books, &c.; flour, of wheat; boots, shoes, slippers of
leather, with soles; reinbits and spurs, of Mexican fashion ; books, prohibited by
competent authority ; lard ; saddles, or appurtenances, of Mexican fashion ; play
ing-cards, of Mexican fashion; scarfs, Mexican fashioned, of all kinds, speckled or
printed textures imitating the same; wheat, and all kinds of grain and seeds ;
blankets, woolen or cotton, or mixed, excepting coverlets and bed covering of
pique, without seams.
LIST OF GOODS WHICH PAY A FIXED RATE OF DUTIES.
Raw cotton, sole duty (gross weight).............................................. per quintal
Carpets o f hemp....................................................
“
woolen, (piece flannel,) plain ............................................................
“
“
not cut....................................................................................
“
velvet, not c u t .................................................................
Russia sheeting, o f linen or hemp.......................................................................
Silk lace, net weight. ............................................................................... per lb,
China crape and crape scarfs, net........................................................................
Men’s cotton so ck s ................................................................................ per dozen
Children’s cotton socks...........................................................................................
Men’s linen socks....................................................................................................
Children’s linen sock s............................................................................... ............
Men’s woolen socks.................................................................. ...........................
Children’s woolen so ck s ......................................................................................
Undershirts and drawers, cotton.................................................................. each
“
“
w oolen ................................ ....................................
Cotton or linen tape, white andcolored, plain and twilled, net weight.per lb.
Coverlets, woolen, cotton, or mixed................................................. square vara
Cassimere drilled w oolens...................................................................................
Cocoa guaff, Para, and of the islands, net weight......................... per quintal
“
Marao, Caracas, and others............................................................
$1 50
squarevara005
0 20
0 30
o 45
o 14
7 20
2 00
0 45
0 30
0 45
0 30
0 48
0 35
0 25
0 30
0 40
0 05
0 45
2 40
5 00
484
Commercia l Regulations.
Cinnamon and cassia, net weight..............................................................per lb.
Cloves......................................................................................................................
Jackets, knitted..............................................................................................each
“
w oolen......................................................................................................
Worsted knitted goods for children, ready made, n e t ......................... per lb.
Worsted thread for embroidering, net........................................................
Sperm candles, net w eig h t.............................................................. per quintal
Caps, cotton, knitted................................. ........................................... per dozen
“ linen, knitted.................................................................................................
“ w oolen..........................................................................................................
“ silk.....................................................................................................per lb.
Gloves, cotton .......................................................................................per dozen
“
linen............................................................
“
woolen.........................................................
“
women’s entire plain kid gauntlets.........
u
“
“
embroidered .
“
men’s and women’s kid buckles, & c ........
Cotton reels, up to 300 yards................................................. .............................
Linen reels, up to 300 y a rd s ...............................................................................
Cotton thread balls, net............................................................................. per lb.
Turkey red twist, net w eigh t...........................................................per quintal
White and grey twist.............................................................................................
Double bleached twist cotton, net weight..............................................per lb.
Thread of hemp, net weight.............................................................per quintal
Woolen twist, net w eig h t......................................................................... per lb.
Tin plates, net weight.........................................................................per quintal
Cottons, (textures,) plain, grey, white............................................square vara
“
“
twilled......................................................................< . . . .
“
white and painted, dyed and twilled, damask and velvet lik e... . .
“
colored prints..........................................................................................
Linens, (textures,) white, grey, and colored, o f hemp......................................
“
“
plain, white, or grey, of linen.............................................
Up to 36 threads in one-quarter square inch, m ix e d ......................................
Over 36 threads......................................................................................................
Plain, colored, striped.............................................................................................
White, colored, grey, or twilled, and damask like ............................................
White and grey, or colored, embroidered or open worked...............................
Fringes for curtains, cotton or mixed wool, white or colored, including paste
board, net weight.....................................................................................per lb.
Men’s and women’s cotton stockings.................................................. per dozen
“
“
linen stockings.....................................................................
“
“
woolen stockings..................................................................
Children’s cotton stockings.....................................................................................
“
linen stockings.......................................................................................
“
woolen stockings..................................................................................
Muslins, plain, white, embroidered or open worked, book muslins, other
similar transparent goods precisely, white or colored, embroidered or
open worked, on valuation, 21 per cent.
Plain batista, or cambric, white or colored....................................square vara
Cotton handkerchiefs, colored, up to one vara square ........................... each
“
white, with white or colored border ............................
“
with border and corners embroidered..........................
“
open worked, up to one vara square.,..........................
“
white, colored, and with white or colored borders, for
children. . . . ' .................................................................
Cotton lace of all kinds and colors, including paste-board or boxes, .per lb.
Cotton umbrellas.................. ......................................................................... each
Linen handkerchiefs, plain and striped, of different colors in the texture, up
to one vara square....................................... per dozen
“
plain, white, or printed, with border of the same tex
ture, up to one vara square........................................
“
embroidered or open worked, white or colored, with
lace fringe, up to one vara square...............................
Lace of all kinds and colors, including paste-board or boxes, n e t.. . .per lb.
$0
0
0
0
0
0
12
0
0
0
2
0
0
0
0
1
0
0
0
0
20
12
0
3
0
3
0
0
0
0
0
0
0
0
0
0
0
50
30
30
50
60
36
00
80
80
80
00
45
45
45
90
80
45
06*
09
30
00
60
30
00
36
00
03
04*
05
04*
03*
03*
05
05
05
07
11
0
0
0
0
0
0
0
30
80
80
80
30
30
30
0
0
0
0
0
12*
04
05
08
08
0 06
1 20
0 25
0 50
0 90
2 00
l 80
Commercial Regulations.
Woolen cloth o f all kinds, plain, twilled, and striped........ per square vara
Woolen handkerchiefs, plain, twilled worsted of all colors, with or without
fringe, up to one vara, not counting fringe....................................................
Silk handkerchiefs, plain, twilled, or striped, white or colored, net., .per lb.
“
figured, embroidered, transparent, or gauze, white or
colored...............................................................................
Silk umbrellas and parasols......................................................................... each
Ready made clothing of all kinds, materials, and 6izes, for men, women, and
children, on invoice, 60 per cent.
Raw silk of all classes, net........................................................................per lb.
Twisted silk of all classes and colors, net..................................................... Hats, made up....... ........................................................................................each
Hats, ready made, of all classes and materials................................................
Woolen textures, plain, white, and colored....................................square vara
“
figured, twilled worsted, striped, printed of all colors, not
being cassimeres or clo th ................................... per vara
Silk textures, plain, figured, twilled, damask, velvet like, embroidered,
printed, and all manufactured of silk only, of any class and denomina
tion, and not comprised nor specified in this tariff, net..................... per lb.
Shawls with fringes mixed with any material not being metal to be consid
ered as silk.
A ll kinds of textures or pieces of apparel of India rubber, and with the
same, net weight............................................................................. per quintal
485
$0 BO
0 12
1 50
2 28
0 75
0
1
1
2
0
40
20
00
00
07
0 09
3 00
30 00
ALL ARTICLES AND GOODS NOT PRECISELY PROHIBITED.
Not specified or noted on this tariff will pay an amount o f invoice value,
30 per cent.
India-rubber shoes, India-rubber thread for wearing purpose, and for bil
liard bands on gross........................................................................ per quintal
9 00
ADDITIONAL DUTY.
First municipal duty will be 12 per cent on each package of 100 lbs. weight,
payable at the time of importation.
Second, for improvement of the country, — per cent on import duty.
Third. International duty 10 per cent on import duty, payable at the time of
sending goods into the interior.
Fourth. Contra regislro is 20 per cent on imports, payable at the final place
where goods are sent.
Fifth. Amortization duty of the public debt, liquidated and consolidated.
This duty will be 25 per cent on the import duty, and be payable precisely at the
general treasury department of the nation, with bonds of the public debt, liqui
dated and consolidated.
EXPORT DUTY.
On coin and w rought g o lu ..................................................................p e r cent
On coined silv e r...................................................................................................
On silver bars stam ped by m i n t ....................................................................
1£
3J7
All the remaining goods, products, and national manufactures, not specified,
may be exported without paying any duty.
Relation of American yard with the Mexican vara, and American lb. to Mexi
can 100 yards, 109 11 vs. Mexican, 100 lbs., avoirdupois, American, 98 58 lbs.
Mexican. All laws, decrees, circulars, and orders, which are in opposition with
this tariff, directly or indirectly, will cease immediately after the publication of
the present new one.
QUARANTINE LAWS OF VENEZUELA.
The following translation of a circular from the Jefe Politico (mayor) of La
Guayra, relating to the quarantine laws of Venezuela, has been received at the
department of State at Washington, from J. T. Golding, Esq., United States
Consul at that port. This circular was issued on the 7th of January, 1856 :—
486
Postal Department.
“ The board of health of this port, in its session of the 2d instant, took into con*
sideration the different manners of certifying to the bills of health issued at foreign
ports, and, the general practice being at variance with the provisions of the first
article of the executive decree of the 11th of August, 1847, relating to the matter,
resolved, that, for the future, bills of health would only be considered clean when
coming legalized by the authorities to which this branch belongs, whose signa
tures must then be certified to by the respective consuls, granting a period of one
month after this decision shall take effect—passing an official notice to the foreign
consuls in this port, whom it may be considered requisite to inform of this decision,
and also to the governor of the province.”
It appears that shipmasters at some ports in the United States are in the habit
of obtaining bills of health simply, from the Yenezuelan consul, which will not be
received by the authorities at Yenezuelan ports after the 7th of February, 1856.
The law to which the circular relates (11th August, 1847) says, “ that bills of
health shall be granted by some competent authorities of the place, and must be
legalized by a Yenezuelan consul, if there is one at the port from which the vessel
may sail, if not, by a consul of any other nation on terms of amity with Venezu
ela, which bill of health must be certified to or legalized by the Venezuelan con
sul, or some other consul, at each and every port the vessel may touch at before
her arrival at a Yenezuelan port.”
POSTAL DEPARTMENT.
INSTRUCTIONS TO POSTMASTERS AND NOTICE TO THE PUBLIC,
We have received an official copy of the following “ Instructions to Postmas
ters and Notice to the Public,” for carrying into effect the third section of the
act of March 3d, 1855, providing for the registration of valuable letters :—
S ec. 1. Letters, alleged to be valuable, posted at one post-office in the United
States, and deliverable at another such office, shall from and after the first day of
July, 1855, be registered at the office of mailing, on the application of the person
posting the same, and the payment of a registration fee of five cents.
2. Postmasters are instructed to enter all such letters in a book to be prepared
and kept for the purpose, to be called the “ Receipt Book,” (which, in small offices,
will be prepared by stitching together the several sheets of blank receipts furn
ished by this Department,) containing blank receipts with a wide margin for a
brief duplicate of each, as in bank check-books. The postmaster will enter in
this margin the number of the receipt, the date of filing it, the name of the per
son to whom the letter is addressed, and of the place to which it is to be mailed.
He will then fill up the receipt to correspond with this marginal entry, separate
it from the margin, and deliver it to the person who deposited the letter.
3. Registered letters will not be entered in the ordinary accounts of mails re
ceived and sent, but separate accounts of such letters will be kept at each postoffice, to be called account of registered letters received, and account of regis
tered letters sent, blanks for which will be furnished by the Department.
4. When a letter has been received, registered, and receipted for, as directed in
section 2, the postmaster will enter its number, the date of mailing, the rate of
postage, the name of the person to whom it is addressed, and of the office (whether
of distribution or delivery) to which it is to be sent, in his account of registered
letters sent. He will make a separate letter bill for each registered letter or parcel
of registered letters for the same office of delivery or distribution, entering therein
the number, address, registration fee, and rate of postage each. He will then
Postal Department.
487
mail each such letter or parcel of letters, in a separate package from his unregis
tered letters, and will seal each package, after tying it in the usual manner. The
letter hills of such registered letters will not be inclosed in the packages with
them, but such letter bills will be inclosed in a separate wrapper or envelope, sealed
and addressed to the postmaster, at the office to which the corresponding package
of registered letters is sent.
To prevent delay in the examination and comparison of letter bills, the post
master at each of the larger offices will assign to some confidential clerk (r.ot em
ployed in opening the mails) the duty of opening in his absence official letters ad
dressed to him.
5. In all large offices, where letters are received, entered, and mailed by different
persons, it shall be the duty of the postmaster either to keep the receipt book,
provided for in section 1, or to designate some one specially for that service.
The postmaster or receiving clerk, having received a letter for registry, will
pass it to the clerk who keeps the account of registered letters sent, who will re
ceipt for it by writing his name or initials across its marginal entry in the receipt
book. He will enter it in his account of registered letters sent, and keep it in a
secure place of deposit until the hour of mailing. He will then make up his let
ter bill of registered letters, which is to be forwarded in a separate sealed wrap
per or envelope, as provided in section 4, addressed to the postmaster at the office
to which the corresponding package of registered letters is to be sent. It shall
also be his duty to make up each package of registered letters, seal the package
with wax at the tie, address it to the office of its destination, and see that it is
placed in its appropriate bag at the moment when that bag is to be finally locked
and sent from the office.
6. On the receipt at the distributing office of registered letters for distribution,
the clerk who opens and distributes the mail will apply to the postmaster, or to
such one of his assistants as may be authorized to open official letters addressed
to him, for the corresponding letter bill. Having compared the letters with the
bill, he will indorse it “ correct,” if he find it so, or will note the error if there be
one, and will pass it with the letters to the clerk who keeps the account of regis
tered letters received for distribution, who will enter its contents in his account,
and indorse upon it his signature or initials. He will then fill up the correspond
ing return bill, noting upon it whether correct or otherwise, and will pass it to the
postmaster or his principal assistant, who will see that it is returned by the first
mail thereafter with his indorsement to the office of mailing.
Registered letters remailed at a distributing office for their respective offices of
delivery, are to be passed from the charge of the clerk who keeps the account of
registered letters received, into the charge of the clerk who keeps the account of
registered letters sent, (if two are employed in these duties,) who will receipt for
them by indorsing the original letter bill, and afterward dispose of them in the
same manner as is provided in section 5 for letters originally mailed at the office.
7. On the receipt of registered letters at the office of delivery, if it be a large
one, the clerk who opens the mail will apply for the post-bill, and otherwise pro
ceed in the same manner as prescribed in section 6. The clerk who keeps the ac
count of registered letters received, will, on receiving the letter bill, enter its con
tents in his account, make a duplicate thereof on the blank return bill which ac
companies it, and having indorsed thereon the word “ correct,” if it be so, or noted
the error, if there be one, he will pass it to the postmaster or his principal assists
ant, who will inclose it in a sealed envelope and mail it direct by first mail to the
address of the postmaster from whose office the bill was received.
8. On the receipt of registered letters at smaller offices of delivery, the post
master or his assistant will compare such letters with their letter bill, make a du
plicate upon the blank return bill annexed, and will then mark the return bill
“ correct,” or note upon it any error found in the original bill, and inclose it in a
scaled wrapper or envelope, and mail it direct by first mail to the address of the
postmaster at whose office it was originally mailed.
9. When the duplicate letter bill of any registered letter or letters is returned
488
Postal Department.
from the office of distribution or delivery to the office where it was originally
mailed, that fact shall in each case be noted by a check mark on the margin of
the account of registered letters sent, opposite the original entry ; and if it be not
duly returned, the failure shall in like manner be noted by a different check mark,
and such failure shall in all large offices be immediately reported by the clerk who
keeps the account of registered letters sent to the postmaster or his principal as
sistant, and each postmaster will give immediate notice to the chief clerk of this
department of every such failure noted in his office.
If upon the receipt of any duplicate or return letter bill it be found on exami
nation that a letter originally mailed with it is missing, or that any important
error or discrepancy is indorsed on it, the fact will be duly noted on the account
of registered letters sent, and immediately reported to the chief clerk of this de
partment, and if the discrepancy implies a robbery of the mail, or if a money let
ter or package of considerable value is found to be missing, such report will be
made by telegraph, if possible.
It will also be the duty of the postmaster to report by telegraph any mail rob
bery of which he may otherwise receive early information.
10. On the delivery of a registered letter at the office of its destination, a re
ceipt therefor will be taken from the person authorized to receive it, and such
receipt will be carefully filed and preserved at that office.
The blank receipts furnished by this department can be used for this purpose,
but postmasters may adopt any other certain method of verifying the delivery of
registered letters.
11. Letters for Germany by the Bremen lino via New York, and by the Prus
sian closed mails via New York and Boston, will be registered in the same manner
and on the same terms as those deliverable in the United States, but the postage
on such letters must be prepaid to the place of their destination.
Prepaid letters from Bremen, and those received by the Prussian closed mails,
(if accompanied with letter bills similar to those prescribed for the use of this
department,) will be duly registered at the American office of distribution or de
livery at which they are first received, and will thereafter be treated in all respects
in the same manner as letters originally mailed in the United States.
12. Each postmaster will see that his accounts of registered letters are legibly
and accurately kept; and at the end of each quarter he will forward with his
quarterly returns, full and perfect transcripts of such accounts, with the letter
bills pertaining to them, retaining the original accounts in his office for reference.
JAMES CAMPBELL, Postmaster-General.
P ost -O ffice D e pa r t m e n t , May 10, 1855.
The above regulations and instructions to postmasters for carrying into effect
the 3d sec. of the act of March 3, 1855, providing for the registration of valuable
letters, are, by direction of the Postmaster-General, modified as follows, viz.:—
1. So much of sections 4, 5, and 6 of these regulations as requires that pack
ages of registered letters shall be sealed, is hereby revoked.
2. All registered letters are, before mailing, to be numbered on the upper lefthand corner ; their numbers to correspond with those on the letter bills in which
they are entered.
3. Each registered letter, or package of registered letters, will be inclosed in a
wrapper in the usual manner, and if there be a package of unregistered letters to
be sent by the same mail, the package of registered letters will be placed in such
package, without being tied, and the whole will then be carefully tied up into one
package, addressed to the office of its destination, and placed in its appropriate
bag at the moment when that bag is to be finally locked and sent from the office.
If no unregistered letters are to be sent by that mail, the package of registered
letters is to be tied and forwarded in tiie same manner without being sealed.
4. The registered letter bill will be inclosed in a separate envelope, addressed to
the postmaster, as now required, and will be forwarded by the usual route as an
unregistered letter.
Journal o f Insurance.
489
5. The numbers given to registered letters at the office of mailing are not to be
changed in the accounts or letter bills of distributing offices through which they
may pass.
6. Postmasters are required to see that the post-mark of each registered letter,
whether written or stamped, is clear and distinct, so that the place and date of
mailing can be readily determined.
POSTAL ARRANGEMENTS BETWEEN SOUTH AMERICA AND THE UNITED STATES.
The following statements which we find in an Aspinwall paper, appear to be
indifferently understood by the mercantile community :—
“ It is a common custom with the people of Valparaiso and Callao, to forward
their correspondence for the United States to an agent here, instead of sending it
direct, and so it is in the United States among people sending letters to the South.
In this way not only is additional expense and trouble incurred, but a great risk
is run of the letters having to lie over hero one steamer longer than necessary.
“ If letters intended to be sent from Valparaiso or Callao to the United States,
or vice versa, are properly mailed at these points, they will be put in a closed
mail bag which is not opened until it reaches its final destination, whereas by
sending them to an intermediate agent here, they have to pass through the Con
sulate first, then through the general post-office, and afterwards through the hands
of the agent, who has to pay for their receipt, and again to remail them for their
final destination; thus subjecting them by this roundabout way to be delayed,
if not altogether mislaid, giving the agent here unnecessary trouble, for which he
can make no remunerative charge, and adding at least twenty cents extra postage
to the expense of each letter. In fact, such a mode of forwarding letters possesses
not a solitary advantage, and gives rise to an endless amount of trouble and dis
satisfaction, the routine of receiving the letter here, acknowledging its receipt,
forwarding it, and keeping an account of the postage, being just as troublesome
as if it were a package of a hundred pounds’ weight.”
JOURNAL
OF
INSURANCE.
BOSTON INSURANCE COMPANIES.
We are indebted to J oseph G. M artin, Commission Stock Broker, Boston,
and author of “ Twenty-one Tears in the Boston Stock Market,” for the follow
ing table, showing the total number of shares of the Boston banks held by nine
teen of the Stock Insurance Companies in that city in 1856. No shares of three
of the banks, viz., Broadway, Firemen’s, and Mechanics’ banks, are held by the
Boston Stock Insurance Companies.
The Transcript of February 29,1856, contained an interesting and valuable
statement, representing the condition of the nineteen Boston offices with specific
capital, to which our attention has been called from the fact that railroad stocks
and bonds are rated at their market value—and very properly, too— while bank
stocks are all put in at par. The incorrectness of this valuation for the latter
securities will be seen at once, when we state the fact that by far the largest part
of the investments is in bank stocks, most of which range from five to twenty-five
per cent advance, the Maverick and Grocers’ being the only Boston banks below
par, and these are held by but two insurance companies. Four of the Boston
offices alone hold 12,218 shares of bank stock, all at a premium, even up to twenty-
490
Journal o f Insurance.
five per cent, forming an item of no little importance in the assets of these com
panies. We give in this connection a carefully prepared table, from official
sources, showing the number of shares held by each insurance company in the dif
ferent Boston banks:—
TOTAL SHARES IN EACH BANK.
1855.
A tlantic.............
A tlas..................
Blackstnne .........
Boston (par $50)
Boy lston.............
City.....................
Columbian..........
Com m erce.........
E llio t.................
Exchange..........
Faneuil Htil . . .
G lo b e .................
Granite...............
Grocers*.............
H am ilton...........
Howard
........
640
873
190
1,239
40
2,249
896
385
1,488
680
120
86
2,727
458
60
1,878
485
1854. 1851
700
878
180
1,239
40
2,319
896
310
1,488
570
124
36
2,727
453
60
1,878
490
700 Market (par $70)
1,228 Ma99. (par $250)
M averick...........
1,239 Merchants’ ........
49 National............
2,346 New England. . .
689 N orth .................
304 N. American......
1,557
570 Shoe &, Leather.
162 State (par $60).
41 S u ffolk...............
2,727 Traders’ .............
423 Trem ont............
60 U n ion .................
1,936 Washington......
546 Webster..............
1855.
1854. 1851.
1,025
69
1,025
69
200
2,868
349
1,283
815
210
1,253
1,535
2,867
2 342
457
1,366
1,497
1,665
200
1,073
144
New
3,181
200
2,979
225
1,283
1,073
260
1,313
1,561
2,777
2,342
487
1,401
1,497
1,665
100
200
1,362
1,258
336
904
1,620
2,907
2,342
482
1,481
1,512
1,707
200
In the following statement, prepared by request, we have given the Transcript's
valuation, adding our own, which includes bank stocks at their current value, and
also presents the market prices of the different stocks, as near as they can be ascer
tained, some of them seldom appearing in the market for sale, and all are liable
to sudden fluctuations in consequence of the heavy marine losses which have fallen
on the street recently :—
Insurance Cos.
Am erican................................... .............
Boston........................................ ..............
Boy lsto n .................................... .............
Cochituate ................................
E llio t.......................................... .............
Firemen’s ....................................
Franklin...................................... .............
H o p e ........ *...............................
Manufacturers’ ....................... ..............
Mercantile Mar.......................... .............
Merchants’ ................................. .............
National..................................... .............
Neptune.....................................
North Am erican.......................
Shoe and Leather..................... .............
Suff.lk........................................
United S ta tes............................
W arren ...................................... ..............
W ashington............................. .
Par
value.
100
100
100
50
100
100
100
100
50
100
100
Transcript
valuation.
Per cent.
Advertiser
valuation.
Per cent.
Market
value.
Per cent.
32 i pm.
4 dis.
15 J pm.
2 f pm.
141 pm.
55£ pm.
4 pm.
49 dis.
401 pm.
81 pm.
131 pm.
58 pm.
11 pm.
6 pm.
2 pm.
71 dis.
1± pm.
£ dis.
26 di9.
41
3f
20f
41
151
63f
10J
46J
461
22
25J
641
101
71
21
21
91
i
24
371 pm.
30 dis.
151 Pm10 dis.
121 Pm90 pm.
par
591 dis.
30 pm.
10 dis.
35 pm.
45 pm.
13 pm.
1 pm.
par*
20 dis.
20 dis.
30 dis.
45 dis.
pm.
pm.
pm.
pm.
pmpm.
pm.
dis.
Pmpm.
pm.
PmPmpm.
pm.
dis.
pm.
pm.
dis.
We give below, from returns made to the Legislature, a summary of the condi
tion of the Boston insurance companies with specific capitals, made from their
returns of December 1, 1855. The amount of capital stock in the above-named
companies is put down at $5,125,000, invested as follows :—
* The Shoe and Leather Dealers’ is a new office, the stock o f which has not yet appeared in the
market.
491
Journal o f Insurance.
Massachusetts Bank stocks........................................................... $3,477,800
United States and State stocks...................................................
26,360
Real estate......................................................................................
350,000
Mortgages on real estate...............................................................
886,036
Loans on bottomry and collateral................................................
573,898
Loans on personal security..........................................................
497,180
Railroad and manufacturing 6tocks and railroad bonds..........
539,434
Cash on h and..................................................................................
209,629
Premium notes on risks terminated............................................
485,888
$7,046,225
Deduct, viz.:—
Discount on railroad stocks and b on d s................... $111,360
Doubtful notes.............................................................
6,172
Borrowed m oney........................................................ * 17,500
Premium received on fire risks not terminated . . .
557,195
Losses unpaid...............................................................
554,701
------------- $1,246,928 $5,799,297
Surplus over capitalstock...........................................................................
$674,297
1,683,448
Marine losses paid the year ending December 1, 1855 ................................
Fire losses paid same tim e ................................................................................
284,570
At risk, marine.................................................................................................... 76,936,987
At risk, fire .......................................................................................................... 77,549,744
THE ATLANTIC MUTUAL INSURANCE COMPANY.'
On the second page of the cover of the present number of the Merchants'
Magazine we have published an advertisement of the Atlantic Mutual Insurance
Company, one of the most extensive marine insurance corporations in the
world. It numbers among its list of trustees many of the most honored names in
the walks of commercial life. Some idea of the character of this company may
be gathered from the subjoined statement of its affairs, made in conformity with
the charter on the 31st of December, 1855, as follows :—
Premiums received on marine risks from 1st January, 1855, to 31st
December, 1855.......................................................................................
Premiums on policies not marked off let January, 1855.....................
$3,189,290 76
1,261,836 89
Total amount of marine premiums..................................................
$4,451,127 65
No policies have been issued upon life risks, nor upon fire risks, dis
connected with marine risks.
Premiums marked off from 1st January, 1855, to 31st Dec., 1855...
3,196,041 70
Losses paid during the same period.........................................................
Returns of premiums and expenses.........................................................
1,774,905 32
485,784 88
Total....................................................................................................
$2,260,690 20
The company have the following assets, viz.
New York city bank stocks, State stocks, and loans on State and
other stocks, drawing interest...............................................................
Bonds and mortgages, and real estate.....................................................
Dividends on stocks, interest on bonds and mortgages and other
loans, sundry notes, re insurance, and other claims due the com
pany, estimated at......................................
Premium notes and bills receivable.........................................................
Cash in bank................................................................................................
Total amount of assets.....................................................................
i
$1,274,187 90
252,014 27
76.849 08
1,960.718 89
173,922 89
$3,737,692 98
492
Statistics o f Population, etc.
\
The Board of Trustees have resolved to pay an interest of 6 per cent on the
outstanding certificates of profits to the holders thereof, or their legal representa
tives, on and after Tuesday, the 5th day of February next.
The trustees, after reserving one million of dollars of profits, further resolved
that all the outstanding certificates of the company, of the issue of 1853, and 60
per cent of the issue of 1854, be redeemed and paid to the holders on and after
Tuesday, the 5th day of February, 1856, from which date all interest thereon
ceases. The certificates to be produced at the time of payment, and canceled to
the extent paid.
The Board have also declared a dividend of 30 per cent on the net earned pre
miums of the company, for the year ending 31st December, 1855, for which cer
tificates will be issued on and after Tuesday, the 5th day of February next.
The profits o f the company, ascertained from the 1st July, 1842, to
the 1st January, 1856, for which certificates were issued, amount
t o ..............................................................................................................
Additional profits from 1st January, 1855, to 1st January, 1856 . . . .
$5,464.190 00
840,760 00
Total profits for 13^ years.................................................................
$6,304,950 00
The certificates of 1844, 1845, 1846, 1847, 1848, 1849, 1850, 1851,
and 1852, and 54 per cent of 1853, have been redeemed by cash.
4,462,073 20
Net earnings remaining with the company on 1st January, 1866 . . .
$1,812,876 80
STATISTICS OF POPULATION, &c.
WHITE POPULATION OF THE FREE AND SLAVE STATES.
A correspondent of one of our cotemporaries has compiled the following table
from the United States Census of 1850. It shows the relative white population
in the several States, as it was when the census was taken in 1850. It will be
seen, according to this statement, that the Northern States have more than twice
as many whites as the Southern, the population of the former exceeding the lat
ter 7,054,193 :—
FREE STATES.
^
SLAVE STATES.
New York. ..............................
Pennsylvania...........................
Ohio...........................................
Massachusetts.........................
Indiana................
Illinois.......................................
Maine...........i ...........................
New Jersey..............................
Michigan...................................
Connecticut...............................
New Hampshire.....................
V erm ont..................................
Wisconsin................................
I o w a ........................................
Rhode Isla n d..........................
California..................................
3,048,325
2,258,160
1,956,050
985,450
977,154
846,034
581,813
465,509
395,071
363,099
317,456
313,402
804,756
191,881
143,875
91,635
Total................................
13,238,670
Virginia.....................................
Kentucky.................................
Tennessee................................
Missouri....................................
North Carolina.........................
G eorgia....................................
Alabama...................................
Maryland..................................
Mississippi................................
South Carolina........................
Louisiana..................................
Arkansas...................................
Texas........................................
Delaware..................................
Florida......................................
Total
894,800
761,413
756,836
592,004
553,028
521,573
426,514
417,943
295,718
274,563
255,491
162,189
154,034
71,169
47,203
6,184,477
493
Statistics o f Population, etc.
POPULATION OF WISCONSIN IN 1850 AND 1855,
We give below a statement of the population of Wisconsin in 1850, according
to the United States census, and in 1855, as taken by the State. This table
shows an increase in five years of 246,718. It will be seen by this table that
nineteen of the counties in the State have been made since 1850
A d a m s.................
Bad A x .................
Brown...................
Buffalo.................
Calumet...............
Chippewa..............
Clark ....................
Columbia.............
Dane......................
Dodge....................
D o or.....................
Douglass..............
Dunn..................... •
Fond du Lac . . . .
Grant ...................
G reen...................
Iowa......................
Jackson.................
Jefferson...............
K ew aunee...........
Kenosha................
La Crosse.............
La Fayette...........
La Pointe.............
1850.
1855.
187
6.868
4,823
6,669
83*2
3,631
838
232
17,965
37,714
34,540
739
385
1,550
24,784
23,175
14,727
15,205
1,098
26,869
1,109
12,397
3,904
16,064
447
13,043
6,215
1,743
615
9,565
16,630
19,138
....
13,510
16,198
8,566
9,522
15,317
10,734
11,531
489
a 702
Marathou...............
Marquette..............
Milwaukee..............
O con to...................
Outagamie.............
Ozaukee .................
Pierce.......................
P o lk .......................
Portage...................
Racine.....................
Richland..................
Rock........................
St. Croix.................
Sauk............; ..........
Sh awan aw..............
Sheboygan..............
Trempeleau............
Walworth...............
W ashington............
Waukesha.............
W aupaca...............
Waushara...............
Winnebago.............
Total.............
1850.
1855.
508
8,031
31,077
10,167
1,427
14,837
46,265
2,407
1,501
4,914
12,973
1,720
647
5,151
20,673
5,584
31,364
2,040
13,614
254
20,391
493
22,662
18,897
24,012
4,437
5,541
17,439
305,391
552,109
1,251
14,973
903
20,750
624
4,371
8,379
17,862
19,485
19,258
Number of deaf and dumb, 200 ; blind, 123 ; insane, 240.
POPULATION OF CHINA,
The following statistics, relating to the internal condition of China proper,
are taken from the statistical chart of a new work by Mr. R. Montgomery Martin,
late her Britannic Majesty’s Treasurer for the colonial, consular, and diplomatic
services in China, and member of the Legislative Council at Hong Kong :—■
In China proper, it appears, there are 367,632,907 inhabitants, and in the de
pendencies of Mantchsoria, Mongolia, Turkistan, Thibet, &c., about 40,000,000—
making a total of 400,000,000 of people under one government. The population
on each square mile is 283, and the area in square miles is 1,297,999. The quan
tity of land is estimated at 830,820,100 English acres ; of which 141,119,347 are
under cultivation. The land tax realizes 27,854,023 taels of silver; the salt rev
enue, 4,618,834 taels ; and other duties, 991,092 taels.
The total fixed revenue of the provinces is 35,016,023 taels; of which sum,
22,445,573 taels, and 3,428,955 shill of rice— a shih being about 160 lbs. avoir
dupois—are transmitted to the imperial treasury, whilst 5,569,329 taels remain
in the provinces. The standing army and militia number 1,232,000 men. The
table from which the above statistics are taken is prepared from various authori
ties, the greater portion having been furnished in China, and translated from the
official records.
With respect to the density of the population, Dr. Gutzlaff and other Chinese
scholars consider the census to be correct. The population is most dense along
494
Railroad, Canal, and Steamboat Statistics.
the banks of great rivers, particularly the great Yang-tye-kang, and the central
district of the country where the waters furnish large supplies of food. The very
great fecundity of the Chinese is visible in the smallest village. The natural pro
ductions of the various provinces include every description of metal, as well as al
most every known article of merchandise.
POPULATION OF THE PRINCIPAL TOWNS IN RUSSIA,
There exist, according to the most recent censuses, in the whole Russian Empire
but thirty-four towns with more than 20.000 inhabitants. W e give a list of these
towns after the tables in the St. Petersburg Almanac for 1854:—
Towns.
St. Petersburg...........
W arsaw ....................
Odessa.......................
Riga...........................
T u la ...........................
W iln a ........................
Kieff...........................
Astrachan.................
Woronesh . . . . . . . .
Kischinew.................
San4dw.....................
K asau........................
Sevastopol................
Nikolaje................... .
Berditsckew (G o v .
Kieff.)....................
nhabitants.
533,241
373,800
167,000
71,392
57,906
64,626
52.2S6
47,424
44,793
48,800
42,613
42.237
41,304
41,166
39,383
35,592
35.474
Total population o f 34 towns
Simbrisk................
Year.
1852
1850
1847
1850
1849
1850
I860
1842
1849
1842
1849
1842
1842
1842
1850
Inhabitants.
34.918
30,925
30.710
30,469
29,832
29,530
29,895
26,243
26,630
25,120
24,340
24,338
24,041
23,602
22,472
20,071
Towns.
Taroslaw ..................
Nishnij-Novgorod....
K u rsk ........................
W hitebsk..................
Charkow....................
Ismael or Tutshknow
O rel...........................
Cronstadt..................
Telev (Gov. O re l)...
Chereon.....................
Revel..........................
Minsk..........................
Taganrog...................
Pul tow a ....................
1842 Lodsi..........................
1851
20,000
Year.
1842
1848
1849
1849
1861
1850
1842
1849
1851
1849
1851
1850
1842
1842
1842
1851
1841
2,175,662
This table affords a striking illustration of the social condition of Russia. In
the United States, for instance, a country much newer than Russia, and with only
about one-third of her population, there are thirty towns of 20,000 and upwards,
whose aggregate population is 2,291,009. This contrast shows how exclusively
the people of Russia are still devoted to agriculture, and how much must be done
in order to raise them to a high place in the list of civilized nations.
RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
RAILROADS CENTERING AT CHICAGO, ILLINOIS,
We have before us the Chicago Daily 'Press of February 16,1856, one of the
ablest and best conducted commercial journals in the United States. Early in the
year 1853, that paper published an article on the railroad system which has Chi
cago for its center, and in January, 1855, the Press issued a more extended and
elaborate account of what had been accomplished in the comparatively brief space
of two years. So important and astounding were the facts there presented, that
they attracted general attention both in this country and in Europe, to that vast
and fertile portion of our country known as the “ northwest.” Its extent and ex
haustless agricultural and mineral resources, and the rapidity with which fortunes
were there made, were themes of frequent and earnest discussion among all who
495
Railroad , Canal, and Steamboat Statistics.
had the intelligence and the enterprise to sect to better their condition by emigra
tion to this land of promise.
In the present number of the Press we have a “ summation ” of the series above
referred to, from which we condense for the crowded pages of the Merchants'
Magazine a summary view of the whole, for the information of our readers at
home and abroad. The figures tell more eloquently than we can the story of
northwestern progress.
The article in the Press commences with the roads entering Chicago from the
north, and taking the others in their order, sweeps around those coming from the
east. It commences with the Chicago and Milwaukee Railroad, which, as its
name implies, connects the two places. Its length is 85 miles, and runs through
the flourishing cities of Waukegan, Kenosha, and Racine. This road has been
but recently completed, and was opened to Waukegan, January 1,1855, and to
Milwaukee, May 1, 185C. One freight and three passenger trains leave Chicago
daily, and the business of the road is constantly increasing. The Kenosha and
Beloit Railroad, connecting with this road, is in the hands of the contractors, who
are making solid progress towards completion. Another, the Racine and Missis
sippi Railroad, has just been opened to Delavan, 4G miles west of Racine.
The Chicago, St. Paul, and Fond du Lac Railroad is now in the hands of able
and energetic men, and its atfairs placed upon a substantial basis. The earnings
of this road for 1855, from passengers, amounted to $25,801; from freight,
$47,721; showing the total earnings to be $73,528. The southern portion of the
road was in operation from Chicago to Barrington, 32 miles, from January 1st,
1855, to March 1st; to Cary, 38 miles, from March 1st to January 23d. From
this time till July 11th, trains were discontinued, to allow time for change of
gauge, when the road was opened to Woodstock, 52 miles northwest from Chi
cago. Two passenger and a freight train leave Chicago daily. The number of
miles completed and in operation is 82, leaving 90 miles to complete it to Fond
du Lac, 38 miles of which, from Woodstock to Janesville, are graded. This road
has, or will have, several connecting lines, viz.: the Fond du Lac and Lake Supe
rior ; St. Paul Branch; the Milwaukee and Lacrosse, and the Milwaukee and
Mississippi Railroads.
The third main trunk line from Chicago is the Galena and Chicago Railroad,
which the Press regards as the parent of the western railroad system. It was
the original intention to run this road to Galena, but arrangements have been
made to run their cars west of Freeport on the Illinois Central Road. The dis
tance to the terminus at Freeport is 121 miles. Our authority, the Press, gives
a table of the receipts of this road for each month of the year ending December
31,1855. We give the totals for the year as follows :—
Passengers.
$844,421 50
Freight.
$1,401,294 19
Mails, &c.
$26,895 09
Total.
$2,272,610 78
The branches and extension of this road are, the Fox River Valley Railroad ;
Wisconsin Central Railroad ; Beloit Branch of the Galena Railroad ; Beloit and
Madison Railroad ; Prairie du Chien and Lacrosse Railroad; Galena Air Line.
Railroad. The cars of the last-mentioned road are run on the same track as those
on the main line to the Junction, 30 miles, when the road takes an “ air line ”
west, reaching the Mississippi at Fulton City. 136 miles from Chicago. This is
much the shortest lino between Chicago and the Mississippi.
496
Railroad, Canal, and Steamboat Statistics.
The Chicago, Burlington, and Quincy Railroad is in all respects one of the most
important roads from Chicago. It runs nearly through the center of the Military
Tract, which lies between the Illinois and Mississippi Rivers, conceded on all hands
to be one of the most beautiful and fertile sections of the country that can be
found on the American continent. The main line reaches the Mississippi at Bur
lington, 210 miles southwest from Chicago, and the Quincy Branch at Quincy,
100 miles from Galesburg. The difficulty of reaching a market has kept back a
large proportion of this fine country from settlement; but it is now filling up very
rapidly with an enterprising and highly intelligent class of farmers from the East
ern States, and if the business of the past year has proved highly satisfactory,
that of future years must be immensely productive.
We give the total earnings of this road for the year ending December 31,1855,
as follows :—
Freight.
$ 8 1 0 ,0 6 2
83
Passengers.
$ 4 3 2 ,5 7 0
13
Mails.
$ 1 3 ,2 2 1
Total.
43
$ 1 ,2 2 5 ,8 5 4
39
The number of passengers over the road for the same year was 288,907.
The following is a statement of the freight transported on the Chicago, Bur
lington, and Quincy Railroad in 1855 :—
Merchandise...............
Sundries....................
Furniture...................
Machinery..................
Coal.............................
I r o n ...........................
L im e .........................
Cem ent.....................
Stone...........................
Slate .........................
Bricks.........................
Sash...........................
I c e .............................
W o o l.........................
Hides..........................
Miscellaneous grain .
Wheat....................... .bush.
Corn............................
O a ts...........................
R y e .............................
B a rle y .......................
Grass and flax seed..
Potatoes....................
46,929,164 Fresh provisions..
13,409,106 Butter...................
2,450 Mill fe e d ...............
281,018 Hams......................
5,457,070 Lard.......................
7,568,672 Flour .....................
243,330 Flour ...................
69,150 S a lt .....................
1,070,786 L im e .....................
372,000 Flour barrels........ ........ No.
8,390 Sheep...................
350 Horses..................
20,000 Cattle...................
346,867 Dressed h ogs.. . .
154,800 Live hogs.............
8,874
___ bbls.
297,416 Lumber.................
2,218,423 Shingles............... ........ No.
1,875,478 L a th .....................
524,123 H o o p s .................
288,367 Post9, batts, hoops, & spokes
491,739 W agons...............
907,373 Cara..................... ....... No.
544,477
622,630
329,550
706,337
5,396
767,141
20,000
37,835
17,305
408
1,600
435
103
2,918
91,497
63,553
3,760
49,233,245
30,466,250
100,000
19,000
1.204
99,400
107
The Quincy Branch of this road branches off from the main line at Galesburg,
173 miles southwest from Chicago. It runs thence southwest to Quincy, 100
miles, making the whole distance between Chicago and Quincy 273 miles. It
was opened to Galesburg, January 31st, 1856, and the first through passengers
from Quincy arrived in Chicago on Friday, February 1st, 1856. An extension
from Burlington, the Burlington and Missouri Railroad, extends from Burlington,
a distance of 220 miles, to the Missouri River.
Returning to Chicago, we have the Chicago and Rock Island Railroad. It
furnishes a fine example of western energy and enterprise. It was commenced on
the 10th of April, 1852, and completed and opened to the traveling public on the
22d of February, 1854. One can scarcely believe that a railroad, 181 miles long,
Railroad, Canal, and Steamboat Statistics.
4 97
could be built, and well built, too, in the short space of one year ten months and
twelve days. The road follows down the Illinois to Peru, on the Illinois River,
whence it sweeps across the country to Rock Island, on the Mississippi. The
earnings of this road for the year ending December 31st, 1855, have been as fol.
lows
Passengers.
$728,966 26
Freight.
$570,712 69
Mails.
Total.
$27,550
$1,327,028 95
Two freight trains and three passenger trains pass over the road every day.
The western extension of this road is called the Mississippi and Missouri Railroad.
It may not be uninteresting to the readers of the Merchants' Magazine to speak
of the bridge which is nearly completed, and which is to connect this road with
the Rock Island Railroad. The eastern division of it over the Slough, to connect
the Illinois shore with the island is already completed. Its length is 474 feet.
The main stream is crossed by five spans of 250 feet each, and the turn-table,
making the length of this part of the bridge 1,582 feet, and the entire length of
the structure is 2,056. The draw, or turn-table, is to turn on the center pier, and
will be open at all times, except when a train is passing. The bridge is built on
the principle of Howe’s patent truss, with the addition of arches. The cost of
the work will be §250,000. The Peoria and Bureau Valley Railroad, a very im
portant branch, runs from Bureau, 14 miles west of Peru, on the Rock Island
Railroad, to the beautiful city of Peoria, 47 miles south, on the Illinois River. It
has been in operation since the summer of 1844, and is doing a fine business.
Trains are made up regularly at Peoria and run direct to Chicago. The other
branches, &c., of the road arc the Peoria and Hannibal Railroad, and the Peoria
and Oquawka Railroad.
The Chicago, Alton, and St. Louis Railroad, the next main line in order, runs
from Chicago to Alton. The request of the editors of the Press to be furnished
with figures representing the business of the road, owing to the negligence of the
officers, was not complied with. The Press, however, estimates the business at
some §600,000.
The Illinois Central Railroad comes next in order. The Press, correctly we
think, regards this as one of the noblest public improvements in this or any other
country. It was a magnificent project to connect with the great lakes and Upper
Mississippi the Lower Mississippi at Cairo, between which city and the Gulf of
Mexico the river affords a safe navigation for the largest class steamers, and they
are scarcely ever interrupted by ice; and the means and the energy by which
that project has been accomplished, have been alike comprehensive and praise
worthy.
On the 20th of September, 1850, Congress granted to the State of Illinois al
ternate sections of land for six miles on each side of the line for a railroad from
Cairo to Dubuque, with a branch to Chicago. By the same law the price of all
the other lands within the same distance from the road was raised to §2 50 per
acre, and although they had been in the market for nearly thirty years, they have
now all been sold at that figure. It will be seen that by this means the govern
ment made a handsome speculation on the true Yankee principle of giving to a
customer liberally in order to turn the more certainly “ a nimble sixpence.” By
this grant the State received 2,650.000 acres of land, which, on the 10th of Feb
ruary, 1851, were transferred to the Illinois Central Railroad Company, on condivol.
xxxiv.— no. iv.
32
498
Railroad, Canal, and Steamboat Statistics.
tion that they would build the road within a spech’.ed time, and when the main
line, or the Galena and Chicago branch is completed, five per cent of the gross
earnings of such line or branch shall be paid to the State ; that after the 10th of
February, 1857, seven per cent ol the gross earnings of the company shall be paid
to the State in lieu of all other taxes. This rule first became operative last au
tumn, when the sum of §29,751 59 were paid to the Treasurer of the State of
Illinois.
The official statement of the company for the year 1855 shows the following as
the receipts of the road for that year :—
1855.
Passage.
Freight.
$693,048
$630,934
Rent to other Cos.
Mails.
$105,068
$46,243
Rents.
$56,822
Total.
$1,532,118
The main line from Dubuque to Cairo, (454 miles,) is all completed and in op
eration. The Chicago branch is finished to Mattoon, at the junction of the Alton
and Terre Haute Road, 172 miles south of Chicago. The remaining distance,
78 miles, to Centralia, 112 miles north of Cairo, where the Chicago branch leaves
the main line, is nearly all graded, and it will be put in running order by the time
the incoming harvest is ready for marketing. Passengers from Chicago for the
South take the trains on the Chicago branch to Urbana, thence by the Illinois
Great Western, hereafter to be noticed, to Decatur on the main line, and thence
south to Cairo. Dy this route also and the Ohio and Mississippi, from Sandoval,
a railroad connection is made with St, Louis.
The Chicago and Fort Wayne Railroad. This road will be completed from
Port Wayne to Plymouth, 45 miles, early this spring, (1856.)
The Michigan Southern and Northern Indiana Railroad was the second opened
to Chicago. That event occurred in February, 1852. It runs direct to Toledo,
242 miles, and to Monroe, 245 miles. The distance to Monroe from Adrian,
where the road branches, is 30 miles. By the roads on the south shore of Lake
Erie, it has connections with all the roads running south and southeast through
Ohio and Pennsylvania ; and with the New York and Erie and the New York
Central roads, with all the cities on the Atlantic seaboard. On this road four
passenger, and two freight trains leave Chicago daily. The total earnings of the
road were, in 1854, §2,158,311; and in 1855, §2,595,630. The Cincinnati,
Peru, and Chicago Railroad is a branch of this road. Its length is seventy
miles.
The Michigan Central Railroad, one of the best managed and most successful
roads in the country, was opened to Chicago on the 21st of May, 1852. With
the Canada Great Western Railway, New York Central, Canandaigua, aud
Niagara Falls, and New York and Erie railroads, it furnishes a great thorough
fare to the seaboard. The Canada Grand Trunk Railway is also completed from
Hamilton to Toronto, and in a year or two will be finished to Montreal and
Quebec, giving, after traversing Canada, another great line through the State of
Maine to the seaboard at Portland. The earnings of this road for the year 1855
have been as follows :—Passengers.
$4,461,414 30
Freight.
$1,028,650 15
Mails, &c.
$490,176 92
Total.
$5,980,241 87
On this road there are four passenger, and two freight trains leaving Chicago
daily.
499
Railroad, Canal, and Steamboat Statistics.
The New Albany and Salem Railroad, entirely in the State of Indiana, is 254
miles in length. The receipts for the year ending December 31,1855, have been
as follows :—
Freight.
Passengers.
Mails.
1348,555 34
$345,588 64
$22,020 00
Increase of last six months of 1855 over 1854..............................
Total.
$716,193 78
70,366 00
The Great Western Railroad is now finished and in operation from Naples, on
the Illinois River, to Tolono, on the Chicago branch of the Illinois Central, a
distance of 132 miles. It was the first road completed in the State. The total
length of the road, when completed, will be 216 miles.
The Ohio and Mississippi Railroad is to run from Illinoistown, opposite S t
Louis, to Cincinnati. It is of the wide or six-foot gauge, and when completed,
will be a truly magnificent work. It is finished from Illinoistown entirely across
the State to Vincennes, Indiana, 147 miles. The company intend to have the
entire line to Cincinnati done within a year-and-a-half.
Our authority for the preceding abstract gives a list of 11 trunk, and 23
branch and extension roads projected, or now completed, showing a total of 6,449
miles.
The following list embraces the trunk roads and branches now actually in op
eration which have Chicago as their common focus :—
Chicago and Milwaukie................................................................................... miles
Racine and Mississippi..........................................................................................
Chicago, St. Paul, and Fond du Lac.......................................................................
Galena and Chicago Union........................................................................................
Fox Ri^er V a lle y ...................................................................................................
Beloit Branch of the Galena.................................................................................
Beloit and Madison................................................................................................
Galena Air L in e.........................................................................................................
Chicago, Burlington, and Quincy.............................................................................
Quincy Branch..................................................................................................
Chicago and Rock Island..........................................................................................
Mississippi and Missouri, 1st Division.................................................................
Mississippi and Missouri, 2d Division.................................................................
Peoria and Bureau V a lle y ....................................................................................
Peoria and Oquawka................
Chicago, Alton, and St. L ou is..................................................................................
Illinois Central............................................................................................................
Fort Wayne and Chicago...........................................................................................
Michigan Southern and NorthernIndiana.................................................................
Mouroe Branch........................................................................................................
Michigan Central........................................................................................................
New Albany and Salem..................................................................................
85
46
82
121
32
20
17
136
210
100
181
55
13
47
44
260
626
20
242
30
282
284
Total miles o f completed road, 10 trunk and 11 branch lines.................
2,933
Taking the sections and branches of the above roads that are in the State of
Illinois, and adding the lengths to the last four mentioned in our sketch, which
run east and west through the State, we find that there are now in actual operas
tion in the State of Illinois two thousand four hundred and ten miles of railroad.
Four years ago to-day there were only ninety-five. The world has never before
seen so much physical progress in so short a period.
The total number of trains which now (mid-winter) arrive and depart from the
city daily amount to fifty-eight passenger and thirty-eight freight trains—in all,
500
Railroad1, Canal, and Steamboat Statistics.
ninety-six. It is safe to add from twelve to twenty per cent for the number as
soon as the spring business opens, so that on the 1st of May the number will be
at least from 110 to 115.
With the following synopsis we close our abstract of the roads centering at
Chicago:—
GENERAL SUMMARY.
Total number o f miles of railroad centering in Chicago Feb. 16, 1862...
40
Total number of miles now completed and in operation...........................
2.033
Increase in four years, or more than 600 miles per year...........................
2,893
Total number o f miles projected to be completed in from five to eight
y e a rs ...........................................................................................................
6,449
Total number of miles o f railroad in operation in the State of Illinois
Feb. 16. 1852, four years ago ...................................................................
95
Total number of mile9 now in operation......................................................
2.410
Increase in the State in four y e a r s ..............................................................
2,315
The total earnings of all the railroads (40 miles) leading into the city
during the year 1851, s a y ..........................................................................
$40,000 00
Total earnings of the roads leading into the city for the year 1855......... 13,298.201 09
Increase in four years, thirteen-ar.d a quarter millions of dollars............ 13,268,201 09
Total number of trains arriving and departing now (mid winter) daily,
96. Add 12 to 20 per cent when the spring business opens, and the
number will be a b ou t.................................................................................
110
Number of points at which the Chicago railroads reach the Mississippi.
8
38.783
Population of Chicago in 1852..................... ..............................................
Population of Chicago in 1855, or nearly 150 per centin three y e a rs ...
83,509
Total receipts of grain at Chicago for the year 1854......................... bush.
15,804.423
Total receipts of grain for 1855— increase about 33 per cent...................
20,487,953
Total shipments of grain from the port of Chicago for the year 1 8 5 5 ...
16,68 ,813
Total number of hogs handled iri Chicago for 1851-5................................
138,515
Total value of the beef packed in Chicago in 1855.....................................$1,162,420 96
Receipts of lumber at the port of Chicago for 1855.............................feet 323,553,467
Now laid up in the port of Chicago—steamers, propellers, sail-ves
sels, etc........................................ ...............................................................
233
Total number of vessels arriving in Chicago during the last y e a r ...........
5,410
The total tonnage of vessels arriving in this port for 1855 ................tons
1,608,845
Amount of imposts received on foreign goods at the Chicago custom
house .............................................................................................................. $296,844 75
Total amount o f capital invested in manufactures during the year 1855,
showing $2,075 000 increase over the previous year............................. 6,295,000 00
Total number of men employed in manufacturing—increase in ’55, 3,740
8.740
Total value o f manufactured articles—increase in 1855, $3,161,491 . . . . $11,031,491
Total amount expended in improvements, (stores, dwellings, hotels, <&c.,)
— increase in 1855, $1,296,314 ................................................................ ..
3,735,254
RAILROAD STOCKS HELD BY PHILADELPHIA,
From a report made to the common council of Philadelphia, it appears that
the consolidated city now holds stock to the amount of §3,350,000, as follows,
viz.:— In the Pennsylvania Railroad Go., §5,000,000 ; North Pennsylvania Rail
road Co., §1,400,000; llempfield Railroad Go., §500,000; Sunbury and Erie
Railroad Co., §1,200,000 ; North Western, §1,500,000 ; showing a total as above
stated, of eight millions three hundred and fifty thousand dollars. The city is en
titled to receive six per cent on all the above subscriptions, except the §500,000
subscribed to the Pennsylvania Railroad Go. by the District of Spring Garden,
and the §500,000 to the same company by the District of the Northern Liberties.
The certificates of loan for those subscriptions were issued (with coupons attached)
to the company, and the interest upon them is paid by the company, upon the
presentation of the coupons.
Railroad , Canal, and Steamboat Statistics.
501
STATISTICS CF STEAM NAVIGATION.
The annual Report on Commerce and Navigation is always an interesting doc
ument. If carefully examined it will disclose many of the springs of commerce
which we do not find in any other work. Looking over the statistics of steam
navigation, we find some interesting facts. Steamboat building, which, in its
commencement increased with great rapidity, is now very much slackened; yet it
still increases at a decided ratio. No steamboats were enrolled till 1823, and
then only fifteen. Dividing the years since 1825, into periods of five years each,
we have the following results :—
S te a m b o a ts b u ilt fro m
1826 to 1830.............
1831 to 1835.............
1836 to 1840.............
S te a m b o a ts b u ilt fro m
1841 to 1815.............
1846 to 1850.............
1851 to 1855............. .
196
297
538
620
965
1,296
If we suppose the average life of a steamboat to be about seven years, there are
now' in existence about 1,700 steamboats. The number in 1851 was 1,500, show
ing a gradual increase. The steamboat tonnage of the United States is principal
ly enrolled, or licensed, in the following ports, viz.:—
New York . . . .
Pittsburg.........
New Orleans....
D etroit............. ...........
Buffalo..............
Cincinnati........
Philadelphia...
Louisville..........
M obile...............
Baltim ore.........
32 180
i
San Francisco..
Charleston........
Perth Amboy, (N. J .) ..
Boston...............
These are the large ports for steamboat navigation.
rivers, lakes, and seaboard, are as follows :■—•
22,680
20.515
16.340
15,012
14/279
9,177
9,114
8.275
The great divisions o f
Steamboat tonnage enrolled on the Ohio river....................... tons
Residue of the Mississippi Valley....................................................
Steam tonnage of the Lakes..............................................................
Steam tonnage on the Atlantic seaboard........................................
Steam tonnage on the Pacific co a s t.................................................
144,473
129,050
106,154
261,283
14,279
Aggregate....................................................................................
655,239
It will be seen that the steamboat tonnage of the Mississippi Valley, including
that of the Ohio, amounting to 273,523 tons, is greater than that of the entire
Atlantic coast.
The principal points for the building of steamboats, are Pittsburg, New York,
Cincinnati, Louisville, and Detroit; which, together, build more steamboats than
are built in all the rest of the United States. Wherever boats may be enrolled,
iu the valley of the Mississippi, nearly all of them are built at Pittsburg, Cincin
nati, and the Falls of the Ohio. These ports built, in 1854-5, about one hundred
steamboats.
The ocean steamboat building has not increased so rapidly as was at first anti
cipated. The reason is obvious. The ocean boats are immensely expensive, not
merely in building, .but also in running. The prices, therefore, of transportation
are high, and thus the great bulk of both passengers and freight take the sailing
packets. The ocean steamers, however, will increase, and in time take the place,
in a great degree, of sailing vessels.
502
Statistics o f Agriculture , etc.
OPENING AND CLOSING OF THE LEHIGH CANAL.
The following is a statement of the opening and closing of the Lehigh Canal
during the past sixteen years :—
Opened.
1840___
1 8 4 1 * ...
1842___
1843___
1844___
1845___
1846___
1847___
March
July
March
April
March
March
April
March
24
IB
21
9
23
25
1
24
Closed.
December
December
November
December
December
December
December
December
5
17
26
22
7
4
4
10
1848___
1849___
1850___
1851___
1852___
1853___
1854___
1855___
Opened.
March 28
March 31
March 26
March 28
March 27
March 23
March 27
April 4
Closed.
December
December
December
December
December
December
December
December
9
12
16
3
9
17
2
1
STATISTICS OF AGRICULTURE, &c.
GRAPE CULTURE AND MANUFACTURE OF WINE.
The culture of the grape, and the production of wine, is destined to become an
important branch of domestic industry in the United States. It has been carried
on for some years in the vicinity of Cincinnati, with increasing success, by Longworth and others. We have before us a letter from Mr. T h o m a s M. C a l l , of
Retreat, Thomas County, Georgia, in reply to a correspondent who was desirous
of knowing his process in making wine. As the subject is of some interest at
this time, we quote all that relates to the culture of the grape and Mr. Call’s
method of making wine:—Your grapes being ripe, quite ripe, cut the stems close to the bunch, lay the
grapes on a table in the shade, and pick off all the rotten, dry, and green berries.
Bunches that have only a part, say half the berries, remaining, should be picked
off the stems. This done, crush or mash the berries on the stems, till the skins are
all broken. This may be done with the hand or -with a pestle in a tub or trough,
taking care that the seed be not broken nor the stems of the grapes bruised mate
rially, and pour all into a vat, press out some juice, a gallon or the like, and try
the strength with Baumis' Hydrometer for sirups, or that for Epsom salts, will do.
If the instrument rises eight degrees, twenty-eight ounces of brown sugar may be
added to every gallon of juice, which is the must for wine. This, if the sugar is
added after pressing, the sugar expands the juice, and there will be only about
twenty-two-and-a-half ounces in a gallon; if the instrument rises to nine degrees,
add twenty-five ounces to every gallon; if to ten, add twenty-and-three-quarter
ounces to a gallon ; if to eleven, add eighteen-and-a-half ounces to every gallon ;
if to twelve degrees, the strongest I have ever had. add fifteen-and-a-quarter ounces
to every gallon. Such must will raise a newly-laid egg one-eighth or one-seventh
part of its length above the surface.
When your grapes are mashed and in the vat, let it remain there from six to
ten hours, according to the heat of the weather, when it will begin to ferment,
and when air bubbles rise along the staves of the vat, and begin to rise through
the top or cap, draw off the wine from the vat, and press the grapes without delay.
The first fall of the press gives much wine, and when it nearly stops running, raise
the beam and stir up the cheese loosely, and press, again and again; mix all the
wine in d vat, and add the sugar.
Observe : it is best to add something less than the quantity of sugar mentioned
above, and more afterward, till you have it of the proper weight, which is known
when the hydrometer rises to sixteen degrees, or rather more, say sixteen-and-one-
* T h e g r e a t f r e s h e t in t h e L e h i g h t h is y e a r .
Statistics o f Agriculture, etc.
503
quarter; if you weigh nearly a gallon of rain water, and observe its weight, and
then add a gallon of must (juice and sugar) prepared as above, the must should
weigh 12£ per cent heavier than the water, or indeed well or spring water will do
to compare with. When your must is mixed or sweetened, pour it into casks, and
fill to within easy touch of the finger at the bung. Sit the cask on a frame to
ferment. The ferment will soon rise in the casks and the scum run out, which
should be moderately encouraged by pouring in wine reserved for the purpose.
When the froth rises clear and breaks quick, fill in no more to force it to run over,
and let the wine subside and cool to a simmer, when lay on some vine leaves over
the bung and fasten them down with some small weight, which will yield to the
pressure from within, and let off the gas ; keep the casks filled to within an inch
or an inch-and-a-half of the bung; when the ferment is done, close the bung, and
bore a gimlet hole with a spike near the bung, which should be drawn occasionally
to let out the air or gas ; pour in more wine when necessary, till last of October,
when taste the wine and try its weight by the hydrometer ; if the instrument rises
one-and-a-half degrees it will do, if it rises more, stir up the lees to revive the fer
ment, as it is too sweet; if the instrument sinks to 0, or nearly so, it will be right
to add one or two ounces (according to circumstances) more of sugar to every
gallon of wine, and stir the lees, to mix the sugar with the whole mass.
Draw the wine from the lees, when it becomes clear, in clear, cool, northerly
weather, in November or the 1st of March, into very clear vessels, rinsed with
French brandy or boiling wine; when wine is decanted, it should raise the in
strument about one-and-a-quarter degrees, and sulphur the cask with an inch or
two of match; if only one, use the match more freely; if more than one-and-aquarter, do not use the sulphur. Beware that the wine is drawn free from the
lees. I draw through a leather pipe, three feet long, to keep the wine free from
air, and sometimes in November, and again in March—and again in November
and March. This year I drew my wine from tierces into pipes in June or begin
ning of July
CULTIVATION OF OZIERS OR BASKET WILLOW.
We alluded to the cultivation of the basket willow a year or two since, and
published in the Merchants' Magazine a communication from W atson G. H aynes,
who had some experience in its production. The subject is again attracting at
tention, as will be seen by the following article, which we find in the Evening
Post, credited to the Savannah Journal. That print says :—
The cultivation of the oziers, or basket willow, is claiming attention in this
country, and is destined to become a profitable product, as it can be raised upon
a soil of little or no use for any other purpose. As an article of import, it is the
source of extensive revenue. It has already been introduced into Georgia, and
we are informed by a gentleman who has had the experiment tried, that it can be
profitably raised here.
Hitherto the labor and expense of peeling the willow for manufacturing pur
poses has been a drawback, but this difficulty has now been remedied. Mr. George
J. Colby, of Jonesville, Vermont, has invented an effective machine, worth $200,
of one-horse power, by which the labor is almost entirely done away with.
It can be peeled by machinery at a cost not exceeding ten dollars per ton, and
the whole cost of raising and peeling a ton not exceeding fifteen or twenty dollars ;
it will sell for one hundred and fifty dollars, and it will be a long time before the
market can be supplied so as to reduce the price, and it will never be reduced so
that it will not pay better, perhaps, than any other farm crop. The amount an
nually imported into this country from France and Germany is variously stated
to be from five to six millions of dollars’ worth.
At present, New York monopolizes the whole willow trade ; but they will find
a ready market when offered in any city in the Union. In St. Louis and all the
Western cities they are worth ten cents per pound more than in the Eastern cities.
Two or three tons may be considered as a fair average yield per acre, in good sit-
504
Statistics o f Agriculture, etc.
nations and with proper cultivation. After the second year they will generally
shade the ground, so that they require no cultivation.
Willows can be cut any time after the leaves fall, before the bud3 begin to swell
in the spring. The bark makes good mulching for fruit trees. It contains a large
amount of potash.
CULTURE OF THE COCHINEAL OF COMMERCE,
The French, according to the Scientific American, are now cultivating the
cochineal successfully in Algeria. This insect, originally, belongs to old Mexico,
from which country it was first brought to Europe by the Spaniards. Its use is
to dye a scarlet color on silk and wool, and it has entirely superseded the old
Vermes. This insect is a bug—the cactus amphidia. In Mexico and Honduras,
immense fields of cactus are cultivated. Every pound of cochineal is composed of
about *70,000 insects.
The cochineal secretes a white, cotton-like substance, which envelops it on the
plant it lives on. There is nothing more simple than the way the harvest is
made. The insects are made to fall into a basin by means of a dull knife, and are
then plunged for a few minutes into a vessel of boiling water, and are afterwards
placed on a sieve and exposed to the sun for a day-and-a-half.
The insects are then completely dried, and look like little wrinkled weeds of
a purplish grey color. It is in this state that they become an article of mer
chandise.
To dye a scarlet on wool, the cochineal is ground fine, and boiled with cream of
tartar and the chloride of tin, in a kettle for five minutes, then the wool is intro
duced, and boiled for about an hour. That beautiful pigment—carmine— is made
of this Mexican bug boiled in a weak solution of alum, then strained through a
cloth, and the fine precipitate dried in cakes.
BRAMBLE’S AUTOMATON FOR WEIGHING GRAIN,
“ An Old Miller,” writing to the editors of the “ Cotton Plant,” published in
Baltimore and Washington, thus describes the automaton grain-weigher which
has lately been introduced into Baltimore. The writer ranks it among the great
est discoveries of the age—as a beautiful comment upon the ingenuity of man.
He says:—
“ Supply it with something to weigh, and it will go on continually, receive it,
weigh it, discharge it, and give the exact quantity in pounds, bushels, ounces, or
tons, and besides all this will, if desired, make out the bill, at any given price from
one cent and upwards. When one draft is discharged, it readjusts itself for an
other, takes off and puts on the pounds at the precise time required, opens and
closes the supply gates at the proper moment, gives the number and price of bush
els weighed, and all by the power supplied by the gravity of the article that is
weighed. Wheat will have nothing to do but get up early in the morning, weigh
itself all day, and make out its bill at night. If any given amount is required to
be weighed, without the aid of clerk or attendant, it will weigh precisely that
amount, stop itself, and ring a bell to announce that fact, and, although it accom
plishes so many things, yet, upon an examination of its mechanical details, it ex
cites admiration on account of its extreme simplicity, and we wonder that its har
monious principles had never been found out before. Becommended by its sim
plicity, remarkable for its accuracy, and wonderful in its rapidity, it must super
sede all other modes of weighing grain and many other articles. It is of incalcu
lable value to farmers, millers, brewers, and all dealers in grain, seeds, rice, shot,
Statistics o f Agriculture , etc.
505
salt, coal, &c., among whom it has already met an enthusiastic reception. Through
eleven long years of ups and downs, hopes and fears, poverty and misfortune, has
the inventor, with persevering energy and laborious experiment, worked on to at
tain his ideal, and nobly has he succeeded. The invention certainly deserves the
most brilliant success, and I am sure cannot fail to attain it.”
COMPRESSING THE BULK OF FLOUR.
The Albany Journal states that Louis Napoleon, whom men began to recog
nize as a Napoleonic sort of man, in 1853 conceived the idea that it would be
practicable to compress flour so as to diminish the bulk, and in that way facilitate
its transportation, and yet not injure its quality. In July of that year, an exper
iment was made by his command to test his views. Flour, subjected to a hy
draulic pressure of 300 tons, was reduced in volume more than 24 per cent. On
close examination, it was found to possess all the qualities it had previous to its
violent treatment. It was then put into zinc boxes and sealed up. At the same
time other flour, manufactured from the same wheat, but not compressed, was
sealed up. In October thereafter, several boxes containing both kinds of flour
were opened and examined. The pressed was pronounced to be the best. Twelve
months after this, in October, 1854, another examination took place, anil with the
same result. The two kinds were then kneaded into loaves and baked. In March,
1855, more of the zinc boxes were opened, and on examination the loose flour
showed moldincss, while the pressed was sweet and retained all its qualities. Made
into bread, same differences w'ere observable. The emperor has ordered experi
ments to be made at sea, as well as on land. Men-of-war are to take out both
kinds of flour, and both are to be sent on a sea voyage to hot and cold latitudes,
and examinations are to be made and recorded of the influence of climate and
salt air upon each.
MAPLE SUGAR CROP OF THE UNITED STATES.
The maple sugar crop of the year 1855 is estimated by the officials in Washing
ton in the agricultural bureau at $2,200,000. The largo production of the past
year may be regarded as an effort of the rural population to remedy a deficiency
in the supply of this necessary article. Cane grows oidy in the extreme southern
latitudes of the United States. The sugar-maple, however, flourishes in the
greater part of the inhabited sections, and, though the article produced by it is
inferior to the other, yet, as it requires but little care, it is much cheaper. Were
the proper attention bestowed, a forest of sugar maples might be reared as well
as a plantation of sugar cane. But the cultivation of the sugar beet would be
more profitable. This is a leading product in France. The Mormons of Utah
have gone into raising the sugar beet, and it would afford a profitable business to
our own farmers. With such an immense breadth of country, running through so
much variety of climate, we ought to become a self-sustaining nation.
STATISTICS OF ENGLISH AND FRENCH AGRICULTURE.
Some interesting statistics relative to the agriculture of France and England
were given in a lecture delivered in Cornwall, November, 1855, by M. de la Trehonnais. In England, out of 50,000,000 acres cultivated, 10,000,000 acres are
sown to wheat or other cereal crops, while in France 50,000,000 were cultivated
506
Journal o f Mining and Manufactures.
for that purpose. The average growth of wheat per acre in England is 4 qrs.,
and in Prance only 1 3-5 qr.: while the produce of English land is about £3 4s.
per acre, and that of French £1 12s. per acre. The number of sheep grown in
each country is about 35,000,000, and the wool produced about 60,000 tons; but,
owing to the difference in the acreage, there is something less than onc-and-a-half
sheep per acre in England, and only about one-third of a sheep per acre in France.
In France there are annually slaughtered about 4,000,000 of cattle, the average
weight of which being two hundredweight, while in England there is not half the
number slaughtered, but the average weight is five hundredweight.
JOURNAL OF MINING AND MANUFACTURES.
DAMMARA VARSISH.
The following article is from a recent number of the Polylechnisches Centralblatt, by Professor W. Munzel, and possesses no small amount of interest for a
large number of our readers :—
“ If dammara rosin be dissolved in cold oil of turpentine, a milk-white, turbid
varnish is obtained; this turbidity, however, does not depend upon the incomplete
solution of the ro3in, but rather to the moisture adherent to it. This moisture,
as well as the moisture inclosed in the interior of the rosin, especially in the white,
opaque pieces, produces many defects in the varnish, as when it is prepared cold
this water remains in it in a finely-divided state. When such a varnish as this is
laid on, the water contained in it, although in such small quantity, can neither
evaporate nor soak into the varnished object; and thus these minute water-bub
bles produce a dull, rough appearance on the surface of the varnish, so that the
latter can never produce a truly glass-like coating. At every change of tempera
ture these watery particles either expand or contract, until at last, from frequent
repetition of this process, or in consequence of a greater elevation of temperature
than usual, the coat of varnish bursts or cracks, and falls off as a scaly powder.
In order to get rid of this defect entirely, the water adherent to the rosin must be
completely removed. This is best done by boiling the rosin with the oil of tur
pentine in an open vessel, as in this case the water inclosed in the rosin is dissi
pated below the boiling paint of the oil. The object is equally attained when the
rosin is well dried in a drying oven before solution, and then dissolved in cold oil
of turpentine; if the rosin were sufficiently dried, a perfectly clear, transparent
varnish is obtained, possessing all the properties of a good varnish; this mode of
preparation, however, from its complicated nature, is not to be recommended for
adoption on a large scale. If a very small quantity of water be added designedly
to a perfectly clear and well-boiled varnish, and the whole is shaken, the latter
immediately acquires the turbid appearance, and all the properties of a bad var
nish.
“ In the preparation of dammira varnish, the author employs enameled cast-iron
pots, capable of containing about 50 pounds ; in these, 25 to 30 pounds of varnish
may bo conveniently prepared. The dammara rosin is put into the pots in a solid
state, (the powdering of the rosin is disadvantageous, as when in this state it
forms a mass during the fusion, and the varnish thus generally acquires a color,)
the proper quantity of turpentine (5 parts to 4 parts of rosin) is then poured to
it, and the whole put upon the fire. As soon as the boiling of the oil begins, the
water originally included in the rosin is dissipated in the form of vapor, and the
rosin acquires a softer consistence. When all the water is expelled, and the oil
(or varnish) boils quietly, the solution is completed, and the vessel may be removed
from the fire. As long even as traces of water exist in the varnish, its boiling is
attended with a bubbling movement; but as soon as all the water is got rid of,
507
Journal o f Mining and Manufactures.
the varnish boils quite quietly. That even a very small quantity of water is suf
ficient to produce this bubbling, may be shown by blowing with the mouth into
some quietly-boiling varnish, when the mass immediately appears ready to boil
over, entirely in consequence of the slight moisture introduced into it by the
breath.
“ When the varnish is prepared, it is poured through a fine wire seive, and then
allowed to settle sufficiently.
“ By this method two workmen in the author’s factory prepare four or five
hundredweight of good varnish per day.
“ If it be desired to give the varnish a tougher consistence, 2 or 3 per cent of
good bleached linseed-oil (not boiled with oxide of lead) must be added to it be
fore boiling. This communicates great toughness to it, and it then resists friction,
&c., much better.”
THE LAKE SUPERIOR COPPER MINES.
The Rochester Tribune gives information from a reliable source respecting the
produce of the copper mines of the Lake Superior region during the present year.
The total shipments for the season are thus stated :—
O n ton ogon D is tr ic t .............................................................. tons
P o rtag e L ak e D is t r i c t....................................................................
Keweenaw Point District..........................................................
2,176
345
2,234
S h ow in g a total o f .........................................................
5,755
The value of the copper on the wharves on Lake Superior, $440 a ton ; total
product, $2,131,800. Several companies will make large dividends, whilst others,
but just commenced shipping, of course, will not. Most of those who have shipped
but little this year, will have large amounts in the spring. The increased ship
ments this year over 1854 is about 2,000 tons. It is estimated the exports next
year will be full 1,500 tons over this year. The emperor of France has had Mons.
Rivot, Professor of the School of Mines in France, examining the mines of Lake
Superior, as the government have been cut off from their Russian supply in con
sequence of the war.
The Professor returned, taking with him several tons, and satisfied that the
Lake Superior region could furnish an abundant supply. The American copper
was carefully tested, and found equal, if not superior, to the Russian, and very far
superior to the English. It is used in the manufacture of ordnance, and no in
considerable quantities are consumed in the manufacture of jewelry, percussion
caps, and a great variety of other articles. The superior tenacity of American
copper is a strong recommendation in its favor.
The Minnesota Mine sold a considerable amount of their last year’s copper to
the Rothschilds in Europe. It was smelted in Paris, and it is a curious fact that
it was found to contain, besides the usual alloy of silver, a trace of gold.
COMMERCIAL VALUE OF MECHANICAL SKILL.
To show how mechanical skill and labor add to the value of raw material, the
British Quarterly Review gives this instructive calculation:— A bar of iron,
valued at $5, worked into horse-shoes is worth $10 50 ; needles, $355 ; penknifeblades, $3,285 ; shirt-buttons, $29,480 ; balance-springs of watches, $250,000.
Thirty-one pounds of iron have been made into wire upwards of one hundred and
eleven miles in length, and so fine was the fabric, that a part of it was converted,
in lieu of horse-hair, into a barrister’s wig.
508
Journal o f Mining and Manufactures.
WHAT MANUFACTURES HAVE DONE FOR MASSACHUSETTS.
The Newark (New Jersey) Advertiser, presents a gratifying picture of the in
dustrial progress of the old “ Bay S t a t e —
“ The contrast presented by the recent census taken in Massachusetts and New
York respectively conveys a striking lesson. What it is may be disputed by some;
but, nevertheless, seems evident enough. Since 1850, the gain in the population
in New York is stated to be about eight per cent, while that of the comparative
ly densely populated State of Massachusetts, with its ungrateful and long-worn
soil, is about eighteen per cent!
“ It is to be remarked, moreover, that the increase in the latter State occurs
precisely where manufactures exist, and very much in proportion to their amount
and flourishing condition. Thus, in the old county of Hampshire, which is almost
wholly a farming district, there is actually a falling off from the population of five
years ago. This has taken place, too, in the agricultural towns of that county;
on the contrary, the manufacturing ones show a considerable gain. The other
counties, as Worcester and Middlesex counties, for example, present large ad
vances from the previous census. This census of Massachusetts may bo studied
by us to advantage, and the instruction to be derived therefrom will be in propor
tion to the details into which the inquiry shall be pursued.
“ The general inferences from this and other censuses are, that commerce and
manufactures are the great supporters of population, and population, usefully em
ployed, is confessedly the basis of a country's wealth and strength. Salem is the
oldest commercial town of that State; and was formerly pre-eminent in the Bast
India and China trade. This has been largely attracted to Boston and New
York, and its people have followed in the current of commerce. It has conse
quently diminished in inhabitants, and Boston has rapidly increased, as is shown
by the late enumeration of the city proper, and especially in its beautiful environs,
into which its surplus population has overflowed.
“ Where manufactures have been established, as in Greenfield, Lee, Springfield,
Lawrence, Worcester, Medford, Cambridge, and many others, the progress in
population has rivalled that of the commercial ports. But if we look at the strict
ly rural communities, in some instances a decline will be remarked, in none more
than a very gradual advance unless under the action of some extraordinary local
causes. We think it will be found, too, that wealth keeps equal step with popu
lation. To be sure, this was all known before : but facts in statistical tables have
a weight with many, who are unimpressable by mere argument. To such, the
example of Massachusetts, with its unpromising and limited territory, must be
highly interesting and satisfactory. Where her soil is good, she makes the most
of it; where it is rock or sand, she builds factories; and if water does not abound,
steam is made to turn the machinery. On her rock-bound shore are indentations;
these she converts to commercial marts, to ship-yards, or fishing ports. No part
of her domain is lost or neglected. Her sands are turned into grains of gold, her
granite into houses, her rocks into precious stones or metals, and her water into
ice for export.
What would Massachusetts be without her commerce, without her manufac
tures, especially the manufacture of railroads ? Even had she trusted to her
commerce only, her whole population would not have exceeded at this time that
of her largest city. It would have come to a pause in our rural towns, and her
foreign trade, without a back country, and without inhabitants, instead of being
the second in the country, would have dwindled as that of Salem has. But her
sharp-eyed, and, wre may add, large-souled men, saw the crisis thirty or forty years
ago, and bravely met it. They built cotton-mills, they built railroads. They did
not fold their hands, or use them only to hold the plough with. They took hold
at the right end. They created markets in the manufacturing towns for their
agriculture, and agriculture thus started into life and thrived. Their manufac
tures, especially that of railroads, stimulated commerce, and now Boston is what
she is. Look at her; as Webster said of the State. She has not sprung like
Venice out of the sea; but rather, like the tutelar divinity of the ancient, this
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Journal o f M ining and Manufactures.
modern Athens has leaped from the head of intellect, and has been nourished and
matured by the energetic hand of industry. What her own soil and mechanical
activity -were unable to supply, she reached out with her long arms and attracted
from the West.
MANUFACTURE OF SALT IN THE STATE OF NEW YORK,
The Onondaga Salt Springs belong to the State, and are used by individuals
for their own benefit, subject, however, to a tax of one cent per bushel, and certain
other regulations, which are enforced by the Superintendent, who is appointed by
the government. The springs are located in Syracuse, Salma, Liverpool, and
Geddes, in Onondaga county, not far from the line of the Erie Canal and the
Central Railroad. We have before us an official copy of the last Annual Report
of Yivus W. Smith, Superintendent, transmitted to the Legislature February 11,
1856, which was furnished to our hands by Hon. F. B. Spinola, member of the
State Assembly. From this Report we compile and condense the subjoined state
ments. It will be seen that the whole amount of salt inspected in the salt spring
reservation in Onondaga county, during the year 1855, was G,082,885 bushels, as
follows :—
SALT INSPECTED AT THE ONONDAGA SALT SPRINGS IN
S ola r.
Syracuse.............
Salina.................
L iv er pool.........
G e d d e s ...................
S ola r
ground.
F in e .
1855.
F in e
grou n d.
A g g re g a te
b u shels.
201,820
104,301
16,417
109,576
998,459
2,465,756
1,086.691
518,445
622
5,388
..
63,999
369,352
.........
82,059
1.324.900
2,944,797
1,1.13,108
710,080
492,114
5,069,351
6,010
415,410
6,082,885
The following table exhibits the quantity of salt produced from the springs in
each year from 1 797, (which is the date o f the first leases o f lots,) to 1855 :—
D ate.
17«7...............
1798...............
1799...............
1800 .............
1801...............
180-’ ...............
1803
...............
1805...............
18(j6 ...............
1807...............
1808...............
1 '0 9 ...............
1810...............
1811...............
1812...............
1813
1814...............
1815 ...........
1816...............
B u shels.
25.474
57,928
42.474
50,000
. 62,000
75,898
90,335
100.000
1804
154.071
122,557
165,448
819.618
128,282
450 000
200,000
221,011
226,000
295,215
322,058
348,234
D ate.
1817..
1818..
1819.. .........
1820.. .........
1821..
1822.. .. . .
1823.. .........
1824. .
1825..
1826..
1827.. ...........
1828..
1829 . ...........
1830..
1831..
1832..
1833..
1834..
1835..
1836.. ...........
B u shels.
D ate.
1837.............
1838.............
548,374 1839.............
458.329 1840.............
1841.............
726,988 1842.............
816.634 1843.............
1844.............
1845.............
1846.............
983,4 10 1847.............
1848.............
1,291.280 1849.............
I860.............
1851.............
1852.............
1854.............
B u shels.
2,161,287
2.575,033
2,864,718
2.622,305
3,340,769
2,291,903
3,127,500
4,003.554
3.762.358
3,833,581
3,951,351
4,737,126
5,083,369
4.268,919
4,614,117
4,922,533
5,404,524
5,808,347
6,082,885
1,912,858
Since 1797 there have been 14 superintendents. W illiam Stevens was appointed in 1797, and held the office three years ; Sheldon Logan held the office in 1801;
A sa Danforth from 1802 to 1805 ; W illiam Kirkpatrick in 1806 and 1807, and
from 1811 to 1830, in all twenty-one years; T. H. Rawson, Nathan Stewart, and
510
Journal o f Mining and Manufactures.
John Richardson severally occupied the post in 1809,1810, and 1811; Nehemiah
Earle from 1831 until 1836 ; Rial Wright from 1836 to 1839, and from 1843 to
1844, inclusive; Thomas Spencer for the years 1840, 1841, 1842 ; Enoch Marks
for 1845, 1846, 1847; Robert Gere from 1848 to 1851, inclusive; Ilervey
Rhoades three years, 1852, 1853, 1854; and Yivus W . Smith in 1855.
By reference to the preceding tables, it will be seen that the quantity of salt
inspected in 1855 exceeds the inspection of 1854 by 279,538 bushels. This is
less than may have been anticipated, but the deficiency will be found in the items
of coarse salt. The increase of fine salt for the year is 516,888 bushels—consid
erably more than the average on the whole amount for several years. In conse
quence of an unprecedented rainy season, the coarse salt crop is much short of the
usual product. The quantity paying duties for 1855 is 498,124 bushels, against
734,447 bushels in the year preceding—a diminution of 236,350 bushels, or about
30 per cent, notwithstanding a considerable increase of covers. Had the coarse
salt works yielded an ordinary return, the increase in the manufacture for 1855
would have exceeded 500,000 bushels, a ratio considerably larger than the average
for the past six years.
Mr. Smith, the Superintendent expresses his confidence in a corresponding
increase for many years to come. He estimates the production of the present
year (1856) at 6,800,000 bushels, and within a period of five years he thinks
the manufacture will reach 10,000,000 bushels. Thenceforward, calculating
that coal may ultimately be substituted for wood in the fine salt blocks, the
manufacture is only to be limited by the supply of brine that may be found when
every part of the valley which contains this wonderful provision of nature for
human wants shall have been explored, and be compelled to surrender its hidden
treasures, as yet even but imperfectly known and appreciated. The Superintend
ent mentions as a curious fact, that two or three at Salina discharge water freely
when the pumps are at rest, which is nearly fresh. Originally, salt was made
from brine that measured scarcely more than 45° or 50°, but the brine has been
gradually improving, until 72° has become the standard.
The salt business at Liverpool has been considerably stimulated within a few
years, so that the quantity of salt passed inspection has risen from 600,000 bush
els in 1852, to 1,100,000 in 1855.
The price of fine salt has been uniformly maintained during the season at $1 30
per barrel. Solar opened at $1 44, but in consequence of a reduced crop, rose
gradually to $1 94. Hard wood has been worth at the works during the season
from $4 50 to 35 per cord, selling for a short time near the close for $6 and even
37. Barrels, as usual, varied during the season, but the average price has been
about 32 cents. It is understood that the Western markets were quite bare of
salt at the opening of winter, and that the price had risen in all the principal
towns.
According to a statement of the canal collectors at Oswego, Buffalo, and White
hall, it appears that the quantity, in bushels, of Onondaga salt reaching these
places has been as follows :—O sw eg o.
B u ffalo.
W h ite h a ll.
T ota l b u s h e ls .
3,039,593
1,947,938
19,482
5,007,013
From the foregoing, it would appear that nearly five-sixths of the salt manu
factured at the Onondaga works find a market beyond the borders of the State.
611
Journal o f Mining and Manufactures.
COTTON MANUFACTURES IN THE UNITED STATES.
The report of the Secretary of the Treasury contains some useful memoranda
relative to cotton manufactures, furnished by Hon. Philip Allen, United States
Senator from Rhode Island. Mr. A . estimates the amount of cotton consumed
in the United States during the year ending August 31, 1855, at 673,584 bales,
of which 80,000 bales were consumed in Virginia and the States south of it. It
is estimated that 703,464,764 pounds of yarn were spun from cotton in England
during the year ending January, 1855, of which 440,168,431 were exported, and
the balance retained for home consumption. The quantity of yarn produced in
the United States is stated at 230,756,000 lbs. The average value of a pound
of cotton manufactured is 28 cents, making a total for last year’s manufacture of
$64,406,080. The value of cotton manufactures exported was $5,857,181. The
imports of cotton manufactures kept for consumption were valued at $18,385,327.
The total supply of cotton goods for domestic consumption was $77,134,226.
The average weight of cotton prints is six yards to the pound. The weight of
foreign prints is about the same. It thus appears that the raw cotton necessary
to produce a yard of calico, or domestic, costs between one-and-a-half and two
cents. Twenty-eight print-works are enumerated, producing over three thousand
pieces per week. The average number of cotton yarns spun in the United States
is said to be thirty or thirty-two. The average number spun in Great Britain is
sixty. Sixty-one kinds of drugs, dyes, and other auxiliary materials are used in a
great cotton manufacturing establishment, of which thirty-two are of American
and twenty-nine of foreign production.
PIG-IRON TRADE IN LONDON.
The following is given by the Liverpool Times as the production, export, and
consumption, &c., with the average price of Scotch pig-iron, in London for ten
years:—
M ake.
S h ip m e n ts & h o m e
S to c k ,
c o n s u m p t io n . 31st D e ce m b e r .
A v era g e
p rice s .
1 8 4 5 .................................
3 9 0 ,0 0 0
2 4 6 ,0 0 0
80s. 3 d .
1 8 4 6 .................................
6 6 6 ,0 0 0
1 4 9 ,0 0 0
67
3
1 8 4 7 .................................
5 7 9 ,0 0 0
8 0 ,0 0 0
65
4
4
1 8 4 8 .................................
5 6 2 ,0 0 0
9 8 ,0 0 0
44
1 8 4 9 ................................. ...............
6 9 0 ,0 0 0
5 7 8 ,0 0 0
2 1 0 ,0 0 0
45
6
1 8 5 0 ................................. ................
5 9 5 ,0 0 0
5 3 5 ,0 0 0
2 7 0 ,0 0 0
44
7
1 8 5 1 ................................. ...............
7 6 0 ,0 0 0
6 8 0 ,0 0 0
3 5 0 ,0 0 0
40
1
1 8 5 2 ................................. ...............
7 7 5 ,0 0 0
6 7 5 ,0 0 0
4 5 0 ,0 0 0
45
5
1 8 5 3 .................................
9 6 0 ,0 0 0
2 1 0 ,0 0 0
61
5
1 8 5 4 .................................
8 6 0 ,0 0 0
1 2 0 ,0 0 0
79
6
7 6 8 ,0 0 0
7 2 ,0 0 0
69
6
1 8 5 5 ................................. ................
7 2 0 ,0 0 0
THE COTTON GIN.
J ohn
D u B ois, o f Greesboro’, Alabama, in a communication to the Scientific
American, thus defends the saw gin from some of the wrong charges made against
it. He says:—
Two saws cannot take hold of the fiber of the short staple cotton at the same
time, so as to injure it, may be ascertained by taking a single lobe of cotton and
placing it on a saw, and turning it slowly by hand.
As respects the second of the opinions, those who are familiar with the cotton
gin know that there is a constant counter circular motion, called the “ role,”
512
Journal o f Mining and Manufactures.
caused by the action of the saws in taking the fiber from the seed; so much of the
fiber as is taken into the teeth at one time, passes through the spaces in the ribs,
is immediately blown into the room, and never returns. In this circular motion
new fiber is constantly presented to the action of the saws, until the seed are
cleaned, and fall out at the lower end of the ribs.
In defense of the saw gin, it may be said that it never cuts the staple unless it
is imperfectly made or badly regulated by those who attend it. The fiber is so
easily separated that if a seed is held in one hand and the staple in the other, it
may be pressed off with a penknife without injury. There is on every seed of
cotton one portion of fiber shorter than another. The ignorance of some in ref
erence to this peculiarity in the growth of cotton, has furnished the idea of the
saw gin cutting the staple.
PENNSYLVANIA SOAPSTONE.
An American in London, in a communication to the London Mining Journal,
states that the same causes which contributed to the formation of soapstone in
Cornwall, seem to have produced the same result in Pennsylvania, lie says :—
“ On the banks of the River Schuylkill, ten miles above Philadelphia, the gneiss
which, alternating now and then with mica, schist, and porphyry, has prevailed for
the whole of that distance, is succeeded by an extensive tract of serpentine. The
gneiss is much invaded by veins of trap and granite; and, at the junction, a great
dyke of granite shows itself crossing the river. It is at this precise spot that the
soapstone, in massive, irregular deposits, is seen. Nodules of serpentine are in
cluded in the deposit. The citizens of Philadelphia have good reason to remem
ber this soapstone, since for a long time the doorsteps of their houses were inva
riably made from it. The rock wore away more speedily than the serpentine,
which protruded in hard, indestructible, rough 1a'ls, not very genial to the soles
of one’s shoes. It is now wholly replaced by m; role for doorsteps; but, for lining
furnaces, where great heat is to be encountered, the soapstone is still extensively
quarried and applied. It occurs on both sides of the River Schuylkill, here 300
feet wide, and on the east side is not less than 40 feet thick.
“ A singular fact attending the occurrence of this deposit may also be here men
tioned. The soapstone is interpersed with little nodules of iron pyrites. The
portion of the rock in which this is most abundant wears off into a sugary sub
stance. On being analyzed by a young Philadelphian amateur chemist, Theodore
Rand, this substance was found to contain 8 per cent of Epsom salts, (sulphate of
magnesia.”)
THE COPPER MINES OF TENNESSEE.
A correspondent of the Union and American, who is addressing a series of
letters to the members of the Legislature, thus speaks of the eastern section of
Tennessee:—
The copper fields of Tennessee lie in the Eastern Division, and were but a few
years ago entirely unknown. Their exploration and development arc yet in their
incipient state. Nevertheless there have been shipped this year from all the mines
14,291 tons. It is estimated by the able and experienced President of the Hiwassee Mining' Company, Samuel P. Tracy, of New York, that if they had a
branch railroad from the mines to the East Tennessee and Georgia Railroad, the
different companies could have shipped 29,000 tons. The Hiwassee Company
alone sold their ore and copper in New York for §150,000, but the cost of trans
portation was 65,000. Much of this enormous sum was paid for wagoning, and
freight on the Oconee River, and boxing, which might have been saved by the
proper railroad facilities.
The copper ores of Tennessee are said to be exceedingly rich, averaging from
eighteen to forty per cent—Ihe general average being eighteen per cent. The
English ores are said to yield an average of eight per cent; Chili, twenty; the
Journal o f Mining and Manufactures.
513
Cuban about fifteen per cent. The world produces about 60,000,000 pounds of
copper annually. Of this amount, in 1852, Great Britain and Ireland produces
of ore and metal 28,820,000 pounds ; Chili exports 18,000.000 pounds ; and Cuba
produces 8,000,000 pounds, which she sends to England for smelting, being desti
tute of fuel.
THE NITRE LAKES OF EGYPT.
Tischendorf, in his Travels, gives the following account of the Nitre Lakes,
which supply a large portion of the world with an article of commerce and con
sumption of no small importance :—
“ In the midst of this sandy waste, where uniformity is scarcely interrupted by
grass or shrubs, there are extensive districts where nitre springs from the earth
like crystalized fruits. One thinks he sees a wild overgrown with moss, weeds,
and shrubs, thickly covered with hoar frost. And to imagine this wintry scene
beneath the fervent heat of an Egyptian suu will give some idea of the strange
ness of its aspect. The existence of this nitre upon the sandy surface is caused by
the evaporation of the lake. According to the quantity of nitre left behind by
the lake do these fantastic shapes assume either a dazzling white color or are
more or less tinted with the sober hue of the sand. The nitre lakes themselves,
six in number, situated in a spacious valley between two rows of low sand-hills,
presented— at least the three which we visited—a pleasing contrast, in the dark
blue and red colors, to the dull hues of the sand. The nitre, which forms a thick
crystalized crust upon these shallow lakes, is broken off in large square plates,
which are either of a dirty white or of a flesh color, or of a deep, dark red. The
fellahs employed upon this labor stand quite naked in the water, furnished with
iron rods. The part which is rem )ved being speedily renewed, the riches of its
produce are inexhaustible. It is hence that nearly the whole of Europe is exclu
sively supplied with nitre, and this has probably been the case for ages; for Sicard mentions at the commencement of the last century, that then 36,000 cwt. of
nitre were broken annually for the grand signor, to whom it yields 36 purses. By
the side of one of the lakes, piled in large layers, was heaped the product of last
week’s labors. My companion had occasion to find fault with the result of the
work of the villagers—the sheikh of the village stood before us—he sharply re
buked him, and to give the greater effect to his words he crossed his naked shoul
ders two or three times with his whip of elephant skin. The sheikh sprang as
nimbly as a gazelle into the shallow lake and received his further instructions be
yond arm’s length. Such was the impressive discipline which even the Italian,
who was a man of gentle manners, considered it necessary to adopt towards these
fellahs. The plates of nitre, after undergoing a preliminary cleaning upon the
banks of the lake, are carried to the castle, where, by various processes, they be
come dazzling white powder, and iu this state it is carried in large quantities to
Terranneth.
QUICKSILVER MINES OF CALIFORNIA.
Quicksilver, according to the San Francisco Price Current, must always form
a most important article of the Commerce of California. Her mines are capable of
yielding an abundance, and we see no reason for doubting the statement of the
Price Current and other equally reliable authorities, that were all the known
mines in other countries to Fail, California alone could supply the world. The
production of quicksilver and its export have been larger during the year 1855
than any previous year of which we have any record. The total shipments for the
year 1855 were 28,917 flasks, of 75 pounds each, which, at 50 cents per pound,
represent a value of 81,084,387 50. During the year 1854 there were exported
20,963 flasks; and during 1853, 18,800 flasks. The New Almadeu Mine, from
which the ore is extracted, i3 situated in Santa Clara county.
VOL. X X X I V .----- NO. IV .
33
514
Mercantile Miscellanies.
PATENT TABLE FOR SHIPS’ CABINS.
The Boston Daily Advertiser gives an account of a very ingenious arrangement
for the table in the cabin of a ship, or in any other place where economy of space
is a desideratum. The Advertiser says :—
“ The table has chairs upon each side, comfortably cushioned, which are so
placed that persons can take their seats in any of them without disturbing others
already seated at the table, and can leave their seats with equal convenience.
When the table is not required for use as such, the top folds back, as so to leave
the chairs alone, facing in the opposite direction from the former one, with a pas
sage between them. This invention is admirably adapted for vessels of all sizes,
and particularly for steamers. The cost is but little more than that of tables now
used for such places. The invention is patented.”
MERCANTILE MISCELLANIES.
LIVES OF AMERICAN MERCHANTS.
In the Merchants' Magazine for March, 1856, (vol. xxxiv., page 316,) we gave
a part of the preface to our “ L ives of A merican M erchants,” and in another
part of the same number, occupied two or three pages with extracts from the no
tices of our cotemporaries of the Evening Mirror, New York Evening Post, the
Boston Daily Times, and the New York Daily News. The last-named notice we
inadvertently credited to the New York Daily Times. W e think it right to say
in this place that, although we have a direct personal interest in the work in ques
tion, no egotistical feeling induces as to continue the insertion of these opinions of
the press. The subject is one of such permanent interest to the mercantile com
munity, that the object of our thus recording the views of our cotemporaries will,
in our judgment, be seen at a glance.
We begin this month with a notice from one of our religious journals, as fol
lows :—
[ f r o m t h e n e w t o r e o b s e r v e r .]
Freeman Hunt, the editor of the Merchants' Magazine, the most thorough, pa
tient, and accurate compiler of statistics in our country, a man who has devoted
himself for a long series of years to the preparation of matters which are regarded
as of standard authority, at heme and abroad, has now added to the rest of his
works a large and handsome volume containing the “ Lives of American Mer
chants.” His qualifications for the preparation of such a work as this are un
questionable, while it has a value, especially to young men embarking in mercan
tile life, scarcely to be over-estimated. We have here the portraits of a large
number of the most distinguished American merchants, and such sketches of their
character as bring to view the great fact that industry, integrity, and enterprise,
rather than the hereditary possession of property, or fortuitous circumstances,
have been the secret of the success of those men who have risen to affluence and
distinction in commercial circles in the United States. The introductory essay
contains a large and valuable compilation of interesting matter in reference to
trade and Commerce in different parts of the world, and is from the pen of George
R. Russell, LL. D., while the various lives are written by distinguished gentlemen
who enjoyed the personal acquaintance of the subjects, or had the best means of
information.
The New York Herald has a review, which, with extracts from the work, oc
cupies more than two columns ol that journal. We extract the introductory re
marks of the Herald:—
515
Mercantile Miscellanies.
[FROM THE NEW YORK HERALD.]
AVe know not why the object and plan of this work should be novelties to us.
S e e i n g the important part which Commerce has played in the aggrandizement of
empires, from the time of Alexander the Great downwards, it seems singular that,
save in a few solitary instances, its professors should have escaped the recording
pen of the biographer. The soldier, the statesman, the physician, the artist, and
the divine, have all received their fair share of illustration ; but the merchant, on
whose anxieties and toils the prosperity of nations is based, has not hitherto been
deemed worthy of a niche in the temple of fame. No other people are, perhaps,
so much indebted to Commerce for their rapid progress in the elements of political
power and material wealth, as those of the United States. AAHiat other countries
have gained by the sword, and at the cost of tears and blood, we have acquired
by the peaceful operations of trade alone. With us, therefore, fitly originates
that new branch of biography which illustrates the talent, the industry, the per
severance, the liberality, and the patriotism of the men wdiose labors, if they stand
individually in less bold relief, contribute as much, if not more, than those of any
other class to the substantial happiness, prosperity, and greatness of a nation.
Viewed in this light, Mr. Hunt’s book is a welcome addition to our biograph
ical literature. To a great commercial community like ours, no more valuable or
instructive text-book can be furnished than a collection of the lives of those re
markable men who have raised themselves from obscurity to wealth and distinc
tion, by the practice of all those virtues which constitute the good citizen. The
story of AVhittington has aroused the emulation, stimulated the exertions, and
raised to eminence many a London apprentice. The lives of our Lawrences, Astors, Chiekerings, Appletons, Griswolds, and Minturns, will unquestionably exer
cise the same healthful and exciting influence on the minds of future generations,
and urge them to imitate the energy, perseverance, and self-denial which conducted
all those men to wealth and distinction. There is nothing which exerts on the
minds of the young such a powerful fascination as the study of biography. As a
French writer well expresses it, it admits of all the painting and poetry of ro
mance, but with this capital difference, that our passions are more keenly interested
because the characters and incidents are more agreeable to nature, but strictly
true. The service which Mr. Hunt has rendered us by the compilation of these
memoirs cannot therefore be too highly appreciated.
Another attraction is imparted to the collection by the fact that the biographies
are not written by the same hand. Most of them are by persons distinguished in
the different walks of science, literature, and art, to whom personal acquaintance
or affinity of tastes with the subjects of them rendered the task a labor of love.
Our friend N . P a r k e r W i l l i s , in his “ Idlewild Evening Lamp; or Gossip
over Books, Papers, and Correspondence,” in the Hume Journal, devotes nearly
three columns to a notice of the work, which is interlarded with extracts after
this manner:—
[ f r o m THE HOME JOURNAL ]
Here is a type of our times—a new and handsome octavo by our friend Free
man Hunt, containing, not the history of the “ Muses,” but the “ Lives of the
Merchants.” It would not interest the public, probably, even to know the names
of the American Muses, (if they are yet baptized.) while nothing can read more
interestingly than the names of the twenty-one American merchants thus handed
over to history.
*
*
*
*
*
*
*
*
Mr. Hunt, the historian of our Helicon of Commerce, is the well-known editor
of the Merchants' Magazine, and for the last twenty years he has been most in
dustriously and perseveringly engaged in elevating mercantile literature. The
position of his monthly review sufficiently shows how well he has succeeded. It is
now the highest authority upon all topics connected with the statistics and inter
ests of trade. But the present volume, just issued, is the beginning of a series of
biographies that he has long had in contemplation, in which he proposes to en
516
Mercantile Miscellanies.
shrine, in the niches of honor which he has been so long establishing in onr coun
try’s respect, the leading spirits of enterprise and probity. Such memoirs are
exceedingly readable as well as just and useful, and, elsewhere, we shall find room
to notice more particularly this first volume of them.
[ f r o m THE BROOKLYN EAGLE.]
While the names of those who have been most prominent in science or in liter
ature, in law, medicine, and theology, as well as the naval or military professions,
are perpetuated in history or biography, and have been, as it were, embalmed for
all time, the individuals who have addressed themselves to the practical pursuits
of mercantile and commercial industry have been comparatively neglected. The
present, it is understood, is the first attempt to exhibit the lives of merchants as
such, in any country. The idea of a “ Commercial Literature ” and a “ Mercan
tile Biography,” undoubtedly originated with Mr. Hunt, when he established his
magazine some sixteen years ago. The volume before us is comprised of bio
graphical sketches—a portion of which originally appeared in the pages of Hunt’s
Magazine, and which have been revised, enlarged, and collected in their present
form by the conductor of that work, which has continued during that period to
illustrate in all its varied departments, the importance of the mercantile as a dis
tinct profession; the depository of the most vital and varied interests of the na
tion ; the active and influential agent of a considerable portion of its material en
terprise, as associated with improvement, trade, navigation, and whatever bears
upon the great commercial and industrial affairs of the world, and deserving re
spect upon a like basis with those who have devoted themselves to other pursuits,
civil or military, connected with literature or the sciences.
The present work constitutes one of the results of the labors to which we have
alluded, it being the first volume of a series, embracing those parts of commercial
history with which the subjects of the biographies were connected.
*
*
*
*
*
*
It is not too complimentary to state that the work is a most valuable contribu
tion to this department of literature, because the subjects involved embrace a
range of facts, eminently practical in themselves, and aside from the ordinary
scope of the investigations of the mere scholar, concerning the various active en
terprises in which these merchants were engaged, whether relating to finance,
manufactures, or navigation. It presents types of character impressed in a great
measure by the spirit of the pursuit to which they are devoted. It may be men
tioned, in conclusion, that the enterprise to which we have adverted, the publica
tion of the present volume, will doubtless tend to elevate and extend the influence
of the mercantile profession upon the right ground. It is appropriately under
taken in the city of New York, which has attained the rank of the “ Commercial
Emporium” of the Union. In this first volume New York, Philadelphia, Bos
ton, Portland, Salem, and Providence, are very fairly represented in their eminent
merchants of the last half of the eighteenth and the first half of the nineteenth
century. We presume, from the generally-conceded national character of Mr.
Hunt’s Magazine, that the subsequent volume of this series will include the me
moirs of some of the most noteworthy men of the Southern and Western portions
of our Union, who have given impulse to commercial enterprise, or adorned mer
cantile life.
ONE OF THE CURIOSITIES OF COMMERCE,
The ship Adelaide arrived at the port of New York on the 14th of October,
1855, from San Francisco, bringing a cargo of California wheat, barley, &c.,
which paid a profit to the shipper of nearly 50 per cent, clear of expenses, the
wheat selling at an average of about $2 per bushel. The same vessel returned to
the same port from which she brought the wheat, with 1,500 barrels of flour.
Some would think that 19,000 miles was a long way to come to mill!
517
Mercantile Miscellanies.
COMMERCIAL JOURNALISM.
S. S. B a r r y , Esq., the editor and proprietor of the Cleveland (Ohio) Commer
cial Gazette, calls our attention, in the subjoined letter, to a somewhat novel plan
of sustaining a journal in every considerable commercial and industrial city or
town in the Union. It would seem that the plan has proved successful in Cleve
land, and Mr. Barry is quite disinterested in suggesting its disclosure, for the
benefit of others :—■
Cleveland,
O., Feb.
2 5 , 1856.
Esq.— D e a r S i r —I have for some time purposed writing to
you, in reference to the plan adopted by the merchants in this city, of sustaining
a paper devoted exclusively to the advancement of business interests ; and as 1he
plan is somewhat novel, and has succeeded beyond the expectation of those direct
ly concerned, perhaps a hint might be beneficial to other localities similarly situ
ated. Every considerable wholesale mart should have a paper that will give, in
a correct, simple, and intelligible manner, market reports, statistics, &c.; for no
thing will accomplish as much towards increasing and giving character to the
business of a commercial town, as a reliable record of mercantile transactions.
The plan referred to is this: the names of all the merchants and dealers within
the range of territory embraced by the trade of this city—say a greater part of
Ohio, Indiana, Illinois, & Michigan—were obtained, and each individual likely to
become a patron of either our wholesale dealers, jobbers, or commission men, and
a copy of the Commercial Gazette sent to the same regularly, gratis. Each party
who sends or causes it to be sent has his or their card inserted conspicuously at
the head of such a number of copies as they pay for, so that the party receiving it
will know from whom it comes. The expense is that of the white paper and
presswork only, or about one-third of the subscription price. The posting, which
amounts to but a few cents a year, is paid by the one receiving it. Our jobbers
now advertise but little in any other sheet inasmuch as it reaches all from whom
they expect patronage, making the expense to them much less than by any other
method of circulating their card. The dry goods, boot and shoe, hardware, and
commission trade of this city, has largely increased since the establishment of this
medium ; and I have no doubt other points—say Oswego, Detroit, &e.— would be
essentially benefited by this plan.
Should such a suggestion seem to you important, you might notice it either
with or without reference to this paper, as your judgment might dictate.
Very respectfully,
s. s. BARRY.
F r eem an H unt,
The Commercial Gazette, which is conducted with ability, affords a good illus
tration of the plan described in the preceding communication. The Gazette is a
weekly sheet devoted to market reports, monetary intelligence, banking, commer
cial statistics, marine, local, and general news. Each number contains a care
fully prepared review of the grain and produce market in Cleveland, together
with a statistical review of the dry goods and most other branches of the home
and foreign trade. It is printed on better paper than that commonly used by the
daily journals, and contains more matter than some papers of larger dimensions.
(‘ MERCHANTS’ AND MANUFACTURERS’ JOURNAL.’’
This journal, formerly called the “ Trade Journal," published monthly by Mr.
A l b e r t P a l m e r , an energetic, enterprising young man, has a circulation of 12,000
copies, exclusively among first-class merchants in all parts of the Union. It is
published in royal quarto form, and contains sixteen pages of six columns each.
Although designed as an advertising medium, twenty-four columns are devoted to
miscellaneous information, useful and interesting to the class of readers for whom
518
Mercantile Miscellanies.
it is designed, besides a Price Current, Bank-note List, and Counterfeit Reporter,
as an advertising vehicle, for the large mercantile and manufacturing houses of
Boston, New York, Philadelphia, Baltimore, &c. It offers advantages which
scarcely any similar journal possesses, not, perhaps, so much for the number of
copies circulated, as from the class of persons to whom it is regularly forwarded.
COMMERCIAL AFFAIRS IN RUSSIA,
In another part of the present number of this magazine we have given a trans
lation of an article in a late number of the St. Petersburg Journal, the official
organ of the government, relating to the Foreign Commerce of Russia in 1854.
The Journal was furnished to our hands by a correspondent residing at St. Peters
burg. We now present our readers with another translation from the same jour
nal, furnished, as will be seen, by a gentleman connected with the government at
Washington :—
D epartm ent
F reem an H unt,
of
S t a t e , W a s h in g t o n ,
March
7 , 1856.
Esq., Editor of the Merchants' Magazine, etc;—
S i r :—The inclosed translation of an article from the St. Petersburg Journal
of the 16th ultimo, is communicated to you for publication, should the same in
your judgment be deemed worthy a place in your magazine.
I am, sir, respectfully your obedient servant,
J. A. THOMAS, Assistant Secretary.
[ t r a n s l a t io n . ] *
The Northern Bee, (Abeille du Nord,) in its Varieties of the 20th January,
old style, publishes an article on railroads in Russia. It is characterized by in
teresting strictures, relative both to certain unfavorable conditions under which,
in consequence of local customs peculiar to Russian merchants, the external trade
of Russia labors, and to the more useful directions to be given to the new lines
of railway.
After deploring the aversion of Russian merchants for every branch of business
carried on by companies, and consequently for everything like association—an
aversion so general that brothers even inheriting from their father capital already
employed in trade, take good care not to continue business in common, but make
haste to divide both capital and business, in order that each may be at the head
of a separate concern—the writer proceeds to say :—
“ The division of capital, and the comparative want of great capitalists among
merchants in Russia, exert on the expansion and the interests of external trade in
general an injurious influence, manifested by numerous examples occurring, espe
cially in our maritime cities. Whilst our rich merchants yield to the necessity of
waiting for better circumstances, in order to realize the sale of their produce, the
small traders—who cannot command sufficient pecuniary means to justify their
pursuit of a like course—are compelled to sell at every sacrifice, reducing by this
means the price of our produce below the natural level, for the benefit of foreign
merchants and to the detriment of the whole Russian Commerce. A very easy
way of obviating this evil would be, that large capitalists should buy the stock of
small traders, in order that prices may be maintained. But, unfortunately, and
through a species of blind obstinacy, these small traders prefer selling at even
prices to foreign merchants, rather than dispose of their produce to their own
countrymen; and this they do for the privilege of boasting that they sold them
first handed. Swayed in this respect by a feeling of ridiculous vanity, they fail to
appreciate the extent of evil which they inflict on their country.”
Further on, and speaking of railroads and of the salutary influence which they
* From the St. Petersburg Journal of February 6, 1856.
Mercantile Miscellanies.
519
are destined to exercise on the development of agriculture and of the trade of rural
products in Russia, the author subjoins
To our mind, the most necessary and most useful railroads would be :—
1. From Moscow, by Fonla, Orel, and Keursk, Kharkoff, Poltava, and Krementchong, to Odessa, is the line already selected by the government, which has
ordered its survey.
2. From Moscow, by Koloniva, Riazan, Famboff or Morschansk, as far as
Saratoff.
3. From Orel, by Smolensko to Vitebsk. The last, connecting with Moscow
and Odessa, would become a central point for large operations in wheat, enriching
the governments of Orel, Kalonga, Fonla, Voronege, Keursk, and others. This
line would enrich and develop, by an increase of facilities, the whole of our trade
down the course of Western Dwina, which crosses Riga, that city which Cobden,
in the Times, so justly calls the Russian Hamburg. In constructing these roads
it would, however, be indispensable to bind the companies that should undertake
them, by the following conditions :—
Firstly. The improvement of navigation from Vitebsk to Riga, making the
Dwina navigable, up and down stream, for vessels and flat-bottomed steamers
during the whole period of navigation.
Secondly. All necessary works to clean the Dnieper so as to make it navigable,
at least during the rise of waters in the spring, from Smolensko to Orscha, and
even as far as Rogatcheff. The lines from Vitebsk to Orel would then connect
with one another, the Baltic Sea through the Dwina, the Black Sea through the
Dnieper and the line from Moscow to Odessa, and lastly, the Caspian Sea through
the Oka, the road from Moscow to Saratoff, and the Wolga.
In conclusion, the author says
“ Admitting only the construction of the three principal lines above indicated,
we are warranted in maintaining that they would open to Russia a new career
of industrial and commercial development. The populations would prosper,
through the circulation of the considerable sums which the construction of the
roads would involve. A new impetus would be given to trade. Lastly, the con
tinually high price of wheat would come down in the governments of Mohileff, of
Smolensko, Vitebsk, Pskoff, and others. Napoleon I. once said, ‘ With bread
and iron we may go as far as China.’ With how much better reason may we not
say, that iron and steam would bring us nearer to China, scattering on their way
both labor and bread!”
SUGAR BROKERS, OR GIMLET RANGERS,
HOW SUGAR IS BOUGHT AND SOLD ON THE LEVEE, AT NEW ORLEANS.
As the following sketch of the modus operandi of buying and selling the great
staple of Louisiana will, perhaps, be new to some of the readers of the Merchants'
Magazine, we condense, from a letter of J. A. Morton & Co., of New Orleans, a
graphic, and no doubt, accurate description of the sugar brokers or “ gimlet rangers,”
as they operate on the sugar and molasses platform that lies on the Levee, at the
margin of the Mississippi, in what is known as the French part of New Orleans.
The “ gimlet rangers,” as they are called, are complimented by the respectable
mercantile firms as being a very sharp and clever set of fellows. Happy and con
tented in their sphere, they work on the capital of others—exposed to the hot,
broiling sun the whole day, they earn all they gain :—
Arriving at this mart you find scattered all over hogsheads of sugar and barrels
of molasses, and a great number of men with augers or gimlets under their arms ;
these are known as sugar brokers or “ gimlet rangers,” as they are called. If you
620
Mercantile Miscellanies.
are known as a buyer, they soon spy you out, and want to know what they can
do for you. Some of these men are creoles, of French and American descent—by
creole, we mean native of the State—and some of them, by their brogue, you dis
cover to be natives of the Emerald Isle. Upon making known to the first of these
brokers who addesses you that you are in want of a certain class of sugar, he is sure
to tell you that he has the very article to suit you : perhaps he will tell you it is
contravention, being on the platform too long, and must be renewed immediately,
and for that reason he will sell at a great sacrifice. You go with him to examine
his lo t; in the meantime, half a dozen other brokers join at your elbow to say
what they have got—one has the prettiest lot on the Levee, just landed—dry as a
bone—“ no bisulphate process ”—molasses won’t run from them ; at this instance,
the man whose train we first started gets a little excited and jealous, for fear you
will be too deeply interested in some other lot, and he snaps at his comrades, say
ing, “ Well, you will perhaps wait until I got through with the gent, then he is at
your service.”
All of this, however, is taken in good part; but there has appeared to us at
times so much officiousness displayed, as to be taken for anything but a joke.
Now, more than one-half of these rangers are the owners of the lots of sugar on
the Levee; they have become the first purchasers ; the moment a steamer arrives
with sugar, they board her, take the list of consignees and brand of sugars. As
soon as any portion of a lot is landed, they immediately bore it, examine it, and
decide on its value, search out the broker or the factor to whom the sugar is con
signed ; and, no matter how large the lot, become the purchasers, and then dispose
of it as best they can—in any number of hogsheads, from one up, grading the
price according to the quality and the customer. For lots of ten hogsheads, they
are very well satisfied with one-eighth of a cent advance. These rangers will not
think anything of turning over several hundred hogsheads in a day, so that 81 50
on a hogshead amounts up to a considerable sum. These rangers are backed by
men of large capital and facilities, with whom they have to divide the gains, so
then when you buy a lot of sugars you do not know until you receive the bill in
whose name they stand.
Of course, it is expected when you purchase sugars on the Levee that you arc
prepared to pay for them when called on, as sugars are distinctly a cash article in
this market. There are two houses largely engaged in the sugar line who, to
their customers and city houses of known credit and standing, after delivery of
their bills, by courtesy wait eight or ten days before calling for the money, which
they are able to do from large command of capital; and while this indulgence is
a courtesy, it is at the same time a great accommodation to the party receiving it.
For example, a commission merchant receiving orders from the adjoining States
to purchase sugar and molasses, will not be doing an extraordinary business to
have orders to execute for these articles alone in the space of one week in the busi
ness season, to the amount of 8100,000; and these orders will be for the most
part without the means to purchase, but promise to remit on receipt of invoice by
mail, and the merchant who fills the orders will be lucky to get his money in fif
teen days ; so that the indulgence of the sugar dealers for eight to ten days, it can
be readily seen, is a favor conferred and duly appreciated. All sugar and mo
lasses sold on the Levee at first hands is by the broker of the factor ; he only sells
in round lots as they are received from the plantation. To one having an order to
execute only for a few hogsheads, it is useless to approach this broker, as he will
not notice you— therefore the gimlet ranger becomes a very useful man in buying
large lots,' and parceling them out as they are wanted, at a small advance. Occa
sionally, a green buyer will make his appearance, who has come frem a long dis
tance to buy sugars; he is readily scented out, and the one whose hands he falls
in, it is a very easy matter for him to make from an eighth to a half a cent per
pound more, on the same sugars, than could have been got out of the old coon.
Perhaps the day is dry, the sun shines brightly ; the sugars are bored at the cen
ter, then at the foot, and then at the head, and showed oft’ to the best advantage
with that nice skill and dexterity which the ranger know's so well how to bring
into play.
Mercantile Miscellanies.
521
After the day is nearly spent, and two or three hundred hogsheads of sugar
well disposed of, the ranger will acknowledge the obligation of an invitation to
the young merchant to dine at Victor’s, the prince of the French caterers in the
eating line, where, in addition to the elegant dinner accompanied by Chateau Lafitte, they will top off with Burgundy, brought to the table, the bottle lying in the
basket in a horizontal position, to prevent the incrustation in the bottle from long
age disturbing the liquid as it is poured into the glass. Champagne frozen in the
bottle, ponce cafe, and Havana cigars, end the repast; and then the time has ar
rived to hie to the French opera. When seated in a box, surrounded by lovely
and beautiful creole ladies, elegantly attired, our stranger listens to the music of
the first masters played and sang to perfection—the scene is enchantment; he is
too happy; he retires to his hotel to sleep and to dream of the glorious purchase
made that day. Nor was it all a dream ; for while his sugars are on the way up
the Mississippi to his far-off home, a fortunate change may have taken place in the
market—sugars largely advanced, and by the time they reach their destination, he
realizes the benefit of i t ; and thus may he thank his stars, and the polite and
courteous gimlet ranger for persuading him into a purchase that day, by which he
feels the flood of the tide that leads to fortune. While perhaps his old fogy com
petitor from the same town, who has visited this city often and thinks he knows
everything, that is waiting in the ambush on the sly, to fall in with snaps of cheap
sugars, and having missed the figure, has at last to come in at the tale end.
THE CINCINNATI MERCHANTS’ EXCHANGE.
The Cincinnati Price Current thinks, and correctly, the Merchants’ Exchange
of that city, is an institution of which her merchants may well be proud. The
Price Current thus briefly pictures the animated aspect of affairs at the Ex
change during ’Change hours :—
“ It is interesting and instructive to spend an hour on 'Change each day, and
witness the busy crowd of men then assembled ; on one hand may be seen scores
of hog-drovers from Ohio, Kentucky, Tennessee, Indiana, and Illinois, anxious to
ascertain the state of the hog market, and witnessing the rise or fall of pork, with
the most absorbing interest. Here are the flour dealers, and grain dealers, and all
kinds of commission forwarding, and importing merchants, bankers, steamboat
and railway agents—millers, distillers, and manufacturers, both from our own
city and the surrounding towns. Here also may be seen leading provision deal
ers from New Orleans, Baltimore, Philadelphia, New York, and Boston; and
from the British provinces; and not only do we find representatives from Ameri
can cities, but here may be found provision men and speculators from Liverpool,
London, Paris, Glasgow, Hamburg and Bremen, all mixed up in this busy throng ;*
driving bargains, filling up checks, negotiating loans, exchanging sentiments, and
adjusting differences. The amount of merchandise which changes hands here, each
day, is enormous. The commercial news by each steamer from Europe is made
public on the bulletin boards as soon as the steamer arrives at Halifax or New
York, if in the day time. Special reporters are employed in New York and other
places to furnish all interesting commercial news by telegraph. A full and accu
rate telegraph report of the New York market for all leading articles, is read
during ’Change hour each day.”
THE WAY IMPORT DUTIES WORK.
It is stated in the Boston Transcript, that Mr. Alvan Clark, recently received
from the manufacturers, Chance Brothers & Co., of Birmingham, a pair of disks
of flint and crown glass, eight inches in diameter, warranted first quality, and in
voiced at thirty-four pounds sterling. A portion of this sum was in consideration
for the warranty. At the Boston custom-house a duty of fifty-one dollars was
522
Mercantile Miscellanies.
levied, which Mr. Clark paid without protest. Now there is no one in this coun
try making or attempting to make glass of this description, so no one is protected
by this duty. Institutions, no matter what their resources, can procure their
telescopes complete from foreign makers, duty free. Another point in this case:
this glass is to be wrought into a telescope for an English astronomer, so that this
duty is a direct protection, so far as it goes, to the English artist at home, with
whom Mr. Clark is in direct and active competition. The tariff thus operates
against American citizens.
SOME SUGGESTIONS ON SOUTHERN TRADE.
The Independent publishes a communication from a correspondent, who is said
by that journal to be “ better acquainted with the South than any other man in
the United States,” adding, in confirmation of the reliability of his suggestions,
that there “ is scarcely a town which he has not visited many times, and scarcely
a merchant in good standing with whom he is not acquainted.” He says :—
“ The ambition that seems to prevail with many New York merchants, sensible
enough in other respects, for selling goods to the second, third, and fourth rate
men, in the remote interior towns and out-of-the-way counties of the Southern
States, i. e., the northern and southwestern parishes of Louisiana, the southeast coast
of Alabama and Mississippi, to say nothing of very many less remote, appears
to all the initiated, who have “ seen the elephant,” as only an unaccountable infatuation for making bad debts. The writer would suggest, as the result of much
experience and observation, and knowledge of the experience of others, that all
such sales be regarded as a sort of gratuitous contribution for building up and
improving Southern small towns and neighborhoods ; and that after the goods are
sold they be quietly laid back, and the value in money deposited in the treasury of
the Home Missionary Society, where it would be much more judiciously appro
priated, saving the donors a great deal of anxious care and trouble, and a vast
amount of annoying and profitless labor. If the head managers of many of our
New York houses would spend one winter in the South, and see first the dozens
of New York merchants and clerks who are scouring the country, looking after
just such debts, and even a great many of a much better class; and then go in per
son and see the men at home and the meagre-looking places where their goods had
been bestciced, it would doubtless cure them of all desire to pick up such new cus
tomers, and save them from an indefinite amount of bad debts in future.
“ If our New York friends would consult their maps more and ask themselves
what they would do with a debt six or twelve months past due, say thirty to fifty
miles off from any leading thoroughfare, or what they could probably sell it for,
this would doubtless check a good many in their eagerness to sell.
“ Let it be borne in mind as a standing rule, that after Alexandria and Shreve
port there are no towns in Louisiana interior, in which there are more than two or
three merchants in general business, ofteuer but one or none at all, who ought
ever to be heard of in New York—much less encouraged to buy there for their
own paper. A t least three-fourths of them should be required to give drafts on
New Orleans, as they would have to do if buying there. Nearly all cases of re
fusal should be regarded as an evidence, not of their independence and superior
credit, but rather that they have not the credit to enable them to do it.
“ Another rule— it were proper to have some respect for. A country dealer in
Ohio or Indiana, considered ordinarily safe, with a capital of two or three thou
sand dollars, may be regarded quite as good a risk as another in Missouri or
Louisiana, with a capital of ten to twelve thousand dollars, for the reason that
here they sell on longer credit and much larger amount in proportion to the amount
of capital invested. The winding-up of the business and estates of deceased per
sons proves this rule.”
The Book Trade.
523
THE BOOK TRADE.
1. —Harper's Classical Library. 12mo. New York : Harper & Brothers.
This admirable series of the classics in our own language has reached its ninth
volume. Four volumes of it are now before us. We have noticed the subsequent
volumes in former numbers of the Merchants' Magazine. We have here the His
tory of the Peloponnesian AVar, by Thucydides, a new and literal version from the
text of Arnold, collated with Baker, Goller, and Poppo, by the Bev. Henry Dale ;
the Tragedies of Sophocles, in English prose, anew and revised edition, according
to the text of Dcndorf, from the Oxford translation; Sallust, Florccs, and Yelleius
Paterculus, literally translated, with copious notes, and a general index, by the
Rev. John S. Watson, M. A . ; and Herodotus, a new and literal translation from
the text of Bachr, with a geographical and general index by Henry Cary, M. A.
This collection will be appreciated by those who do not understand the languages
in which these works were written, and scarcely less by those who have enjoyed
the advantages of a classical education.
2. — The Confidential Correspondence of Napoleon Bonaparte with his Brother
Joseph, some time King of Spain. Selected and Translated, with Explanatory
Notes, from the “ Memoires du Boi Joseph.” 2 vols., 12mo., pp. 388. New
York : D. Appleton & Co.
This is, we understand, the first published translation of the letters and orders
of Napoleon contained in the French edition of the Memoirs of King Joseph.
The English translator has not, it seems, curtailed even the most uninteresting de
tails, but given the reader whatever he wrote or dictated. Napoleon was almost
always hurried, but when he gave himself time, wrote with great clearness, force,
and compression. Few have figured as largely in the world’s history as Napoleon,
and so transcendant was his genius, as a military chieftain and ruler of nations,
that we are all in the habit of Napoleonizing men who excel their cotemporaries
in any of the great enterprises of life.
3. —Modern Pilgrims; showing the Improvements in Travel and the Newest
Methods of reaching the Celestial City. By George AVood, author of “ Peter
Schlemihil in America.” 2 vols., 12mo., pp. 792. Boston : Phillips, Samp
son & Co.
These volumes, which are dedicated to Francis AArayland, the distinguished
President of Brown University, contain a religious story, quite original and
unique in all its parts. The plan of the work, we are informed by the author,
was suggested by Hawthorne’s inimitable allegory—“ The Celestial Railroad.”
“ Peter Schlemihil,” by the same author, published some seven years since, at
tracted a good deal of notice, and was criticised at the time quite as much as
Longfellow’s last poem, in this country at least.
4. —Nellie of Truro. By the author of “ Vara, or the Child of Adoption.”
12mo., pp. 432. New York : Robert Carter.
The first story, “ Vara,” published in 1854, has passed through several editions,
and taken rank among the standard work of its day, and we predict equal success
for the last production of the same author. The story is well and simply told, and
the portrayal of character displays a thorough knowledge of the idiosyncrasies of
human nature in general and particular. It is, on the whole, one of the most in
structive and attractive novels of the day.
5. —Lily Hason. By A l i c e G r a y . 12mo., pp. 384. New York : H. Long &
Brothers.
We have not copied, in its absurd entireness, the title-page of this book. As
a literary composition it is utterly worthless. The moral of the work may be
judged of when we say that no young lady will be the better for reading it.
524
The Book Trade.
6. — Harper's Story Books. A Series of Narratives, Dialogues, and Biographies,
for the Instruction and Entertainment of the Young. By J acob A bbott. New
York : Harper & Brothers.
The fourth volume of this series carries out with marked fidelity the design of
the author, which is to blend wholesome entertainment with useful information.
Although written in a simple and lucid style, so as to bring them within the com
prehension of all, they are by no means designed exclusively for children. The
subject of one in the present volume, entitled the “ Harper Establishment, or how
the Story Books are made,” like some others of the series, can only be appreciated
by minds that have attained to some degree of maturity and are accustomed to
habits of careful and patient thought. The older and the more thoughtful mem
bers of a family will derive great instruction from its perusal, unfolding as it does
to the uninitiated, the various departments connected with the manufacture of
books, as carried on by the largest and one of the most successful publishing
houses in the world.
7. — Jackson and New Orleans. An Authentic Narrative of the Memorable
Achievements of the American Army, under General Jackson, before New
Orleans in the Winter of 1814-15. By A l e x a n d e r W a l k e r .
The defense of New Orleans must be regarded as the most complete and bril
liant in all its parts and in its results, in modern warfare. That victory affords
valuable lessons and glorious illustrations of the valor of our citizen soldiers and
of the genius of the great chief and hero, whose lofty patriotism was the fountain
of inspiration from which all engaged in the battle drew courage. Correcting
errors in former sketches of that campaign, and more fully detailing the circum
stances and events connected with it, Mr. Walker has done ample justice to
American valor and patriotism in his apparently truthful and really vivid picture
of that defense.
8. — The Hunters' Feast; or Conversations Around the Camp-Fire. By Capt.
M ayxe R eid, author of the “ Rifle Rangers,” “ The Scalp Hunters,” etc.
12mo., pp. 364. New York : De Witt & Davenport.
Capt. Reid spent some years in the “ Far West,” sometimes riding wildly with
the hunter, and sometimes strolling quietly with the naturalist, and although he
does not profess to excel in the chase, or in the knowdedge of natural history, he
evidently loves both, and “ jots down ” scenes and events in hunter life that will
interest men of tastes similar to his own. There is much scattered over the pages
of this volume that wall be found attractive to the naturalist and to those who love
adventure. The volume is illustrated with eight original designs from the graver
of Mr. Orr.
9. — The Attache in Madrid; or Sketches of the Court of Isabella II. Trans
lated from the German. 12mo., pp. 368. New York : D. Appleton & Co.
We have in this volume a series of rapid notes, made by a young German diplo
mat in the whirl of fashion and amid the agitations of political and social revolution
at Madrid during the recent changes there. The American reader, if he docs not
accept the views entertained by the author of these sketches, will, wo doubt not,
find them amusing and instructive, inasmuch as they present a vivid panorama of
the Spanish capital at a period of the highest political excitement, together with
the living and breathing notabilities of the Court of Isabella, foreign as well as
domestic.
10. — Ariel, and other Poems. By W . W . F osdiok. Illustrated with designs by
Dellass. 12mo., pp. 316. New York : Bunce & Brother.
A beautifully printed and finely illustrated volume, which we will not attempt
to criticise. In the first poem, the author ventures upon the course of the spirit
Ariel, at the point where Prospero parts with him, and the rhyme is founded
thereupon. The other pieces included in this collection, though of unequal merit,
evince a creditable degree of poetic cultivation and taste, and we do not entertain
a doubt, but that this, to us, personally unknown poet will find many hearty ad
mirers.
The Book Trade.
525
11. — Practical American Cookery and Domestic Economy. Compiled by E l i z a
b e t h >1. H a l l .
12mo., pp. 436. New York and Auburn : Miller, Orton &
Mulligan,
The celebrated Mrs. G-lasse is put to shame in this capital collection of recipes.
The preface is excellent, though, for our part, we might prefer the gustatory por
tions of these pleasant pages. Why it sharpens one’s appetite to see the gentle
man at the head of chapter the first employed in carving, the young lady looking
on in evident admiration of the manly exploit. Joking apart, it is very necessary
that a man should know how to carve. We once heard a story of a bungling in
dividual who sent an aged goose into the lap of a lady. He coolly remarked—
“ Pass that bird back, madam, if you please." Now, had that insane individual
read Mrs. Hall’s practical cookery, he never could have committed such an atro
cious act. The best parts of the book are the hints on domestic economy. We
have no time to go into the merits of jams and jellies, leaving such matters, as we
do, to our cook ; but we have no doubt whatever that the book is one which every
lady in the land ought to read, mark, learn, and inwardly digest.
12. — The Widow Bedoll Payers. With an Introduction by A l i c e B . N e a l .
12mo., pp. 402. New York : Derby & Jackson. Boston : Phillips, Sampson
& Co.
The wonderful sale of this book is the best evidence of its wide popularity—
some fifteen thousand copies, as we learn, having found an eager market in the
brief space of two or three callendar months. The Bedott Papers were originally
published in “ Neal’s Saturday Gazette,” and are now for the first time given to
the world in a collected form. The author possessed a ready and observing mind,
blended with a keen sense of the ludicrous, and these characteristics arc apparent
in every page and paragraph of the cleverly drawn sketches of the“ Widder”
and her associates. The engraver has caught the spirit and genius of the writer;
hence his illustrations are indeed and in truth “ pictures to match.” The humor
is wholesome, and perfectly free from indelicate vulgarity.
13. — The Primle Correspondence of Henry Clay. Edited by C a l v i n C o l t o n ,
LL. D., Professor of Public Economy in Trinity College. 8vo., pp. 639. New
York : A. S. Barnes & Co.
This volume contains selections from the unpublished private correspondence
of Mr. Clay, from the first year of the present century down to 1852, and forms a
sort of epistolary history of the private thoughts, feelings, and views of the great
American statesman. No public man connected with the political history of the
country for so long a period, wrote more or better letters than Henry Clay. They
are generally models of epistolary writing. Some of the letters contain historical
disclosures of considerable interest, and the collection, as a whole, gives us a bet
ter idea of the genius and character of the writer than we are likely to obtain
from any other source.
14. — The Foyayers, or the Raid of the Dog Days. By W i l l i a m G i l m o r e S i m m s ,
Esq., 12mo., pp. 560. New York : J. S. Kedfield.
In this romance, the readers of Mr. Simins’ other and similar works—“ The
Partisan,” “ Mellichampe,” “ Katharine Walton,” and “ The Scout,” will perceive
that a proper historical connection is maintained, corresponding with the several
transitional periods of the revolutionary war, in South Carolina. This, like the
other historical romances of the author, illustrates the social condition of the
country, during its early or revolutionary history.
15. — The Art-Journal has this month (February) three beautifully-finished en
gravings from pictures and a group in the Royal Collections; namely, “ The W olf
and the Lamb,” from Mulready’s famous painting; “ The Walk at Kew,” from
Gainsborough’s picture ; and “ The Sleeping Children.” There are also some ex
quisite wood engravings, illustrative of the works of James Clark Hook, of An
cient Armor, of the Progress of Art, Manufactures, &c. The last subject is also
elucidated by an interesting and instructive original article. Altogether, it is an
excellent number.
526
The Boole Trade.
16. — The Lost Hunter. A Tale of Early Times, pp. 462. New York : Derby
& Jackson.
For the “ Hiawatha” lovers of Indian literature, this work will have a great
charm. He introduces his book not with a preface, but an apology. Now, a
good book needs neither preface nor apology, and the author had better have
launched on the sea of public opinion without hanging out a flag of truce. The
idea of an apology for writing a book! Why write at all, if you have to crave
the pardon of the public for employing printers ? The book has promise in i t ;
but we would advise the author to use the simple Saxon words, and not wrap up
a good idea in a cloud of metaphor.
17. — Our Cousin Veronica; or Scenes and Adventures over the Blue Bidge.
By M a r y E i .i z a b e t u W o r m e l e y . 12mo., pp. 437. New York : Bunce &
Brother.
Miss Wormeley’s books will, we predict, be far more extensively read than
“ Queechy,” or the “ Wide, Wide World.” She reminds us more of Jane Austin
than of any other female living writer. “ Our Cousin Veronica ” is a charming
story—one that will be welcome to home and heart— av, and to hearth, too. when
the many flimsy productions of the day shall be laid on the shelves of old book
stores.
18. — The Cranberry and its Culture. By B. E a s t w o o d . Illustrated by J. B.
Orr. pp. 120. New York : Saxton & Co.
All that can possibly be known respecting the cultivation of the cranberry will
be found in the book. A t this time thousands of speculators are turning their at
tention to “ fresh fields and pastures new.” We advise all who wish to relish their
turkeys and replenish their pockets, to buy the very practical book of Mr. Eastwood. It should be added, that Mr. Eastwood wrote under the signature of
“ Septimus ” in the New York Tribune.
19. — The Curse of the Village, and the Havpiness of being Rich. Two Tales. By
H e n d r i k C o n c je n c e . pp. 125. Baltimore : Murphy & Co.
A story from the Flemish, and one which will win its way to every loving
heart. Such a story as this demands more than a passing criticism. It must be
read. There are passages in the book equal to anything in Dickens; and for
comic humor nothing surpasses Dame Smet. We have seldom met with a book
in which there is displayed so much force of character with so much felicity of
expression.
20. — Geoffrey Moncton; or the Faithless Guardian. By S u s a n n a M o o d ie .
pp. 362. New York : De Witt & Davenport.
Mrs. Moodie is too well and too favorably known to fame to need any com
mendation from us. Her “ Boughing in the Bush ” stamped her not on'y as a
true woman, but a true and sterling writer ; and this book will sustain her repu
tation. Mrs. Moodie dip3 her pen into the actualities of life—makes, in fact, her
heart her inkstand, and draws character to the life.
21. — The Creole Orphans; or Lights and Shadows of Southern Life. A Tale
of Louisiana. By J a m e s S. P e a c o c k e , M. D. pp. 365. New York : Derby
& Jackson.
This book is full of pictures of the Tom Cringle kind, and there are some pas*
sages of wonderful pictorial power. The stories of negro life in Louisiana are
unsurpassed in their wonderful truthfulness. This book has only to be read to be
admired.
22. — Elements of Psychology. By V i c t o r C o u s i n , pp. 568. New York:
Ivison & Phinney.
Of course, all thinkers know this book. It is by far the best edition of Cousin
which has appeared in this or in any other country. The introduction, by Dr.
Henry, is a masterpiece of writing. The publisher has done good service to liter
ature by issuing this volume in such excellent style.
The Book Trade.
527
23. — Amy Lee; or Without and Within, pp. 376. By the author of “ Our
Parish.” Boston : Brown, Bazin & Co.
Amy Lee is a touching story, well written, and abounding in incident. The
father of the heroine dies from opium eating, and, thrown friendless on the world,
she procures employment as a school teacher. Of course, no narrative of this kind
could be complete without its love passages, and Amy Lee endures its disappoint
ments and enjoys its hopes. Under many difficulties she works bravely on, becomes
an authoress, and, contrary to usual custom, the last chapter closes with Amy Lee
still in a state of single blessedness.
24. — A Forest Tragedy, and other Tales. By G r a c e G r e e n w o o d , author of
“ Haps and Mishaps of a Tour in Europe,” “ Greenwood Leaves,” &c. 12mo.,
pp. 343. Boston : Ticknor & Fields.
Besides “ A Forest Tragedy or the Oneida Sisters,” a story founded upon fact,
which occupies more than half the volume, we have four shorter tales, all in the
best vein of Grace Greenwood— one of the most gifted of our American writers.
Her style, and the subject matter of whatever she touches, interest alike the young
and the more advanced reader. We cannot too highly commend the varied pro
ductions of her pen.
25. — Ailieford. A Family History, pp. 384. By the author of “ John Drayton.”
New York : Stringer & Townsend.
A very powerfully written story, abounding with touches of pure pathos, which
remind one of some of Professor Wilson’s happiest efforts, and passages of power
scarcely inferior to those of Maturin. It is just what it professes to be—a family
history, full of all the romance of reality, and, as Byron said, “ truth is stranger
than fiction.” There is, moreover, a fine vein of morality running through Ailie
ford, which must commend and recommend it to all who love to read “ the short
and simple annals of the poor.”
26. — The Last of the Hvggermuggers. A Giant Story. With Illustrations by
Christopher Pearse Cranch. pp. 70. Boston : Phillips, Sampson & Co.
The young folks will luxuriate over the pages of this bork, which has been
written expressly for their benefit. It is the story of an American boy -who went
tq sea and met with marvelous adventures among the gigantic race of Huggermuggers. The illustrations are excellent, and the typographical portion of the
work all that can be desired. The Last of the Huggermuggers, Tom Thumb, and
Jack, the Giant Killer, ought to stand side by side in the juvenile library.
27. — The Old Dominion ; or the Southampton Massacre, pp. 152. By G. P. R.
J a m e s , Esq.
New York : Harper & Brothers.
Mr. James shows no abatement of vigor. As may be guessed from the title,
this is a Virginian story, founded on historical facts, and it exhibits in a remark
able degree Mr. James's tact in weaving a web of fiction about stern truth. The
character of the heroine, a Virginian lady, is exceedingly well drawn. It is not
likely that all will agree with Mr. James in his opinions ; but be that as it may,
his new book will be read with interest.
28. — The Constitutional Text-Book, for the use of Schools and Academies. By
F urm an S h e p p a r d .
12mo., pp. 324. Philadelphia : Childs and Peterson.
This book ought to be in the hands of every American. It gives a practical
and familiar exposition of the Constitution of the United States. The work is
well condensed, stripped of all verbiage, and we commend and recommend it to
all who would understand what the Constitution really is.
29. — Tolla: a Tale of Modern Rome. By E d m o n d A b o u t , pp. 320. Boston :
Whittemore, Niles & Hale.
Tolla has made somewhat of a sensation in the literary world, but it is one of
those brilliant bubbles which will speedily burst. There is nothing in it. A great
deal of sparkle, a quantity of air, and that is all. However, those who would
like to see a picture of modern Rome may take a peep into the book.
528
The Book Trade.
30. — The Mormons at Home. With some Incidents of Travel from Missouri to
California. 18mo., pp. 299. By Mrs. B. G. F e r r i s . New York: Dix &
Edwards.
In this work are some startling developments of life among the Mormons, from
the pen of a keen observer. Mrs. Ferris writes fluently and well, and there is the
stamp of truth in her book. Such a volume will do much to dissipate all pre
conceived notions of polygamy which may have been entertained by the lovers of
Utah.
31. — Rachel Gray. A Tale founded on Fact. By J u l i a K a v a n a g i i . pp. 308.
New York : D. Appleton & Co.
The authoress says in her preface that this story is founded on fact; but, to
our minds, the fact is surprisingly like fiction. Miss Kavauagh is a feeble fol
lower in the line wdiich Charles Dickens has made his own. Rachel Gray is cer
tainly not the best work of the authoress; but it will be read by a large class of
readers for all that.
— Letters from the United Slates and Cuba. By Hon. A m e l i a M . M u r r a y .
pp. 402. New York : Putnam & Co.
This is a book of which the least said would be the better for the fame of the
authoress. Miss Murray scampered over this country, and jotted down her
“ notions.” She has added one more bad book to the many already written about
America. So far as typography is concerned, the work is faultless. The book,
however, sells.
32.
33. — The Homestead on the Hillside, and other Tales. By Mrs. M a r y J. H o l m e s .
pp. 379. New York : Miller, Orton & Mulligan.
This is a capitally told story—a much better one than those usually written by
vaunted authors. “ Tempest and Sunshine ” is now a standard work—one of
those which the world will not willingly let die. The Homestead on the Hillside
fully sustains the reputation of the gifted authoress.
— The Beautiful Gate, and other Tales. By C a r o l i n e C h e e s e b r o , author
of “ Dreamland,” “ Isca, a Pilgrimage,” &c. New York and Auburn : Miller,
Orton & Mulligan.
A pleasant series of stories, from a young lady of rare and original genius.
Though designed for the entertainment and improvement of the young, they will
be read and admired by “ children of a larger growth.”
34.
35. — Men and Women. By R o b e r t B r o w n i n g . 18mo., pp. 350. Boston:
Tieknor & Fields.
A collection of the later poems of the author, wdiose fame is sufficiently estab
lished to insure to the American publishers ample remuneration for the uniformly
good taste and correct judgment displayed in all their publications, both Ameri
can and foreign.
36. — Mortimer's College Life. By E. J. M a y . pp. 344. New York : D. Ap
pleton & Co.
In chapter second of this book comes up Mr. James's “ solitary horseman.”
The best portions of the book are the extracts from the Bible at the head of every
chapter.
37. — The Bush Boys: or the History of a Cape Farmer and his Family. By
Captain M a y n e R e i d . pp. 356. Boston : Tieknor & Fields.
Captain Mayne Reid always writes well. He is equally at home in the park
or the prairie. This book of his will circulate widely. It is a capital book for
boys.
38. — Crotchets and Quavers. By Max M a r e t z e k . pp. 346. New York : F.
French.
Any one who wants to know the mysteries and miseries of New York will pur
chase this book. It is a gossiping affair.
@FedFRASER